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Updated about 7 years ago, 11/12/2017

Account Closed
  • Oklahoma City, OK
5
Votes |
35
Posts

Under contract- roofing issue

Account Closed
  • Oklahoma City, OK
Posted
Looking for outside advice here. I️ think my emotions are getting the best of me and I️ would value some words of wisdom. I’m under contract for a 5 unit multifamily in my home town. 4000 sq ft, 1 bed/bath units with covered parking for 4 and an enclosed garage for #5. Monthly rent is $2,550 Purchase price 225,000 Initial contract was as is but we negotiated to add an inspection contingency. The inspection found minor issues with the exception of the roof. The inspector recommended a roofing contractor to evaluate based on obvious damage. Roofing contractor said it needs full replacement at $6,000 but could get by with $300 repair. We passed this info on to the buyer. Buyer refuses to pay any additional money at all. Buyer is willing to replace shingles on his own but will not pay our roofer to do it. I’m mad in principle but the 300 isn’t a big deal. The eventual 6,000 is a bigger deal. I️ can still walk away but should I️ just suck it up and have roof replaced when I️ buy? That would bring cost to 231,000 for potential 2,550/month. Tenant pays all expenses. Tax about 1800 and insurance 2500 per year. Thanks!

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