North NJ · Member since 2015 · 100 posts · 28 votes
Went to view some triplexes yesterday. Last one I viewed is great value and already has several offers after only a week on market. Fully occupied. 203k , needs some work but not an eyesore. Saw a big rat walking in the unfinished basement. Red flag or go ahead?
Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
5y
Hi Rashad,
I would budget for some pest control & extermination and make an offer. If you get your contract accepted and have your inspection contingency, have the inspection done and speak with a pest control contractor for a quote to treat the area for rats. If it's a very serious problem or too expensive you could always back out of the contract with your inspection contingency.
Investor · Boulder, CO · Member since 2016 · 1k+ posts · 1k+ votes
5y
@Rashad Ellis That sounds like a problem to be solved! People who BRRRR love taking on problems. Get the seller to either do some pest control, get someone in during DD, or take that on after close.
Rental Property Investor · PA · Member since 2019 · 63 posts · 57 votes
5y
@Rashad Ellis
Heck ya. A mouse trap or 2 is cheap. Lol no but in all seriousness, budget for repairs and maintenance. Make sure you don’t cut corners on vacancy, repairs, capx, management fees, etc when you underwrite deals. That will make or break you.