Buying older properties
There is this property 1945 build year, needs new roof but interior has been renovated and would could buy at get very good cash flow. My question is, how to know for certain if structure is structurally sound and if so how long could it continue to be good for considering build date?
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@Carson Williams, a few thoughts:
1. Depending on the part of the country you are in 1945 might not even be an "old" house. In fact, I don't believe I have ever owned anything that "new"! I think the newest house I own was built ~1942. lol
2. I wouldn't be scared by age alone. Decently built and maintained homes can last indefinitely.
3. Older homes will have "older home issues" and those will likely vary by region. So, its hard for anyone not familiar with your region to give a lot of specific things to look for. Building methods vary a LOT from region to region and also in different time periods. I actually own homes that have no studs in the exterior walls holding the house up! Seriously, its called a "plank framed home".
For example, in my area of the northeast some common issues might be under-structured roofs with sags caused by cracked rafters. Not necessarily hard to address.
Another common issue might be original posts in old damp basements were made of untreated wood and eventually rotted at the bottom causing floors to settle and become uneven.
4. A good home inspector OR an investor experienced with older homes might be your best bet!
5. I would NOT bring my buddy the contractor to "check the house out" for me!
In my experience contractors are often great when you point them at an problem and ask them to solve it, OR tell them work you want done. However, they don't have the mindset and approach to look at every aspect of a house like a home inspector to detect issues that may not have caused obvious damage/issues YET.