Check Fire Code Before Buying Multifamily.
Older multifamily buildings can look like amazing deals… until you pull a permit.
The city can require you to upgrade fire-safety elements that no longer meet today’s code, even if the building has been legal for decades.
Common issues include:
• Non fire-rated walls between units
• Missing fire blocking or separations
• Exterior walls that don’t meet current fire-resistance standards
• Other fire-safety items inspectors must flag
When these upgrades come up, the most effective and least disruptive solution is often using fire-proof / intumescent fire-resistant coatings like the FFA product from FireFree Coatings. These coatings can be applied directly to existing drywall or surfaces and expand when exposed to heat, creating a protective barrier that helps meet required fire ratings without tearing open walls or rebuilding structure. For many investors, this can be the difference between a deal that stays viable and one that blows up the budget.
Important information. There are many moving parts and additional potential costs when venturing into multifamily. My biggest is generally concerning ease of resale. I continue to be surprised multifamily is pushed as heavily as it is here for first time homebuyers with minimal cash reserve.
@Jules Aton that's a great point. ease of resale should be a very important consideration. At least understanding where your investment sits on that spectrum I think is crucial. My post isn't necessarily directed at first time homebuyers. It's more for first time investors in the multifamily space. but we do run into plenty of firewall issues at single-family residences as well, so I think it's valuable to have a little information or reminder about that and understand potential solutions