Warning signs when touring a property!!!!
When touring an investment property, what is one thing you look out for that if you see it you immediately WALK AWAY?
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Fire or major water damage and extensive mold are walk aways for me, but other wouldn't care as long as the price is right. It's what you feel comfortable with. I use to have subfloor phobia. An uneven floor use to make me always think foundation and I wouldn't consider a property. Thankfully, I have gotten over it.
A couple of things I do that are not immediate walk away scenarios but helpful are:
- I start at the wall and walk the floor to the center of the room to check for foundation concerns to have my contractor look at. It could just a joist issue which isn't an expensive fix or something to worry about.
- Check the ceiling for brown spots as sign of a current or prior leaking room.
- Window units in house means there is an HVAC issue no matter the reason given by the owner. I have heard the husband just likes it really cold, the current resident is too cheap to turn on the system, and germophobia as reasons. Don't believe them. Add HVAC to the repair list.
- If the house is brick, look for step cracks as signs of settling issues.