Skip to content
General Real Estate Investing

User Stats

477
Posts
426
Votes
Jason V.
  • Investor
  • Rochester, NY
426
Votes |
477
Posts

Concerns about previous water problems

Jason V.
  • Investor
  • Rochester, NY
Posted Feb 5 2016, 18:39

I'm going to look at a property tomorrow, and because of the grading of the land around the property, I wouldn't be at all surprised if the basement gets damp during the wet season. 

Here's the catch: the basement is a full walk out, and fully finished. This is a large portion of the livable space in the house, and if I'm buying it as a property to hold I really want to make sure it doesn't have a history of water problems. 

Any ideas (besides the obvious physical inspection and/or smell of a damp basement) for seeing if there has ever been any issues? I may or may not be able to speak with the current tenant tomorrow, but if they're shorter term they might not know anyway. 

The current owner is long-distance, so I assume they have to have a PM. Any ideas on how to figure out who that is? My concern would be them misleading me because of a continuing interest with the current owner. 

Insurance claims, if they were made? Would an insurance company (if I can figure out who that is) give out that information? 

Am I missing something obvious or simple?

If I walk in and everything in the basement is brand spanking new, I might be suspicious. Even if there are noticeable, persistent water problems, the grading around the house can be adjusted, and once it stays dry, I would just go in and refinish it - I just need to know if I need to account for that in any offer I may make or not.

Thanks!

Loading replies...