All Forum Posts by: Ben M.

MEP (Mechanical, Electric, Plumbing) trade work. Most likely none of that is original any more, but if any of it is, I would be prepared financially for it to go out. I would personally not replace it(old drain lines for example) until it failed or was needing to be fixed consistently. That probably is another question of what does it cost to fix it. Do you have easy basement access to some of these things or if an issue happened are you tearing everything out to the studs. If you have the right Real Estate Agent they should have good perspective on this. 

I would also look at the age of other major items like the roof, HVAC's, and hot water heaters. When a hot water heater is over 10 years old or an HVAC is over 20 years old, the likelihood that it goes out increases dramatically. Roof's are a little more gray and some can last a really long time and others won't, depending on the design and quality of work. 

I would not run away from this though just because of the age. My "easiest" property so far has been an updated triplex house conversion that was originally built in the 1890s. 

Where are you looking? Most times BRRRR deals are not found they are created. If BRRRR deals were available on the market they'd be snagged up before you ever get the chance to see them. Hit off markets hard

There is plenty of properties with great cash flow. 

Here is an article I recommend you to read, and I also provided you with spreadsheets shared by members on this platform. I hope you find something that best fits your needs. 

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

Ben,

Request a locked Loan Estimate (LE) so that you can look at the lock and see how many days it is locked for and what is the cost.  You can also look at the fee's in general and are you having to pay points?  (If you have good credit, then you should not have to pay).

When you lock a rate you select the number of days for the lock. That rate and cost are locked in unless there is a "Change in circumstance" like appraisal comes in less, LTV Change. If you exceed the days of the lock the lender must extend the rate lock for a cost - in most cases cost to you unless its their fault and they might cover.

Alwasy best to shop around first or during for a second review on costs.