Do you always need Alta survey and phase 1 environmntl inspection

[Ki Lee]

Hey BP,

For Acquiring apartments, is it always required or strongly recommend to get ALTA survey and phase 1 environmental inspection?  

The subject property is mixed use property- 30~ units and somewhat small commercial space on the first floor. I underwrote it where it pencils out even if the commercial space brings in zero revenue, so any hiccup with the commercial space wouldn’t be a disaster.

I want to be thorough in doing due diligence, but also don’t want to spends tens of thousands of dollars if unnecessary.

thanks!

[Ned Carey]

@Ki Lee while you may be willing to accept the risk your lender probably will not. Your lender is the one who will require it.