Duplex Inspections in MN

[Josh Cook]

Hi I just had my offer accepted for my first duplex! I plan to house hack. I'm getting a home inspection, radon testing, and a sewer line inspection. Do investors typically get all of these inspections or is this overkill?

Also what kind of interest rate should I expect if I'm putting 5% down and getting a conventional loan with credit score of 750+?

I'm getting the sewer line inspection because I now someone else who recently purchased a place and didn't get it but now they need a new line and it's costing them $10,000.

Thanks!

Josh

[John Woodrich]

@Tim Swierczek can help you with the current rates, he is wrapping up a conventional loan for me right now.

As far as inspections go - I don't pay to have properties inspected.  I do enough digging when I am there and have seen a lot so I am somewhat comfortable taking on the risk.  Most of the properties I purchase are rehabs so I am expecting some level of work from the get go.  I wouldn't recommend it to someone new however I have seen enough people come, tinker around checking light switches, making sure outlets are grounded, etc and not finding an issue that I pass on the cost.  The biggest reason I pass is because it makes my offer look better.  And after looking at plumbing and electrical systems it is easy to identify when you may have potential problems (old wiring, handymen repairs, plumbing repairs, etc).

Most home inspections include a radon test right now.  Best case scenario, radon isn't an issue, worse case, you have to have a vent installed which doesn't cost a ton.  Sewer can be a large cost if there are issues however it may cost $400 to get someone out with an inspection camera.  I personally have an inspection camera but I don't use it unless needed.  I may think otherwise if I was buying a 100 year old property that has been vacant a long time though.