Updated about 10 years ago on . Most recent reply
Inspection Report came back.... worried
Hello everyone. I recently put in an offer for a 4-plex. It's in probably a D class neighborhood, but the returns would be excellent. Property was built 1916 with some recent refurbishment (definitely not comprehensive). The inspection was this morning but I wasn't able to be there for it. Got the report back and it's more worrisome than expected. This is my first real investment property purchase so I'm not sure how serious these things are.
If someone is interested and experienced in the matter, I'd love to send it and get some feedback.
Thanks!
Most Popular Reply
Inspections (in my experience) always seem to come back and scare you. While some of it may be nit-picky to protect the inspector, some of it could be cause for concern as well.
Bottom line is if you are going to invest in real estate you need to be able to read an inspection report and know what should be addressed and what is OK. I would recommend calling the inspector and explain to him what you are doing (flipping?) and he should be able to explain the extent of those issues and if they will be a problem or not for you.
Don't let it scare you, but be sure you understand it fully because if not it can hurt you. If you understand it and use it appropriately the inspections can help you.