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Updated about 5 years ago on . Most recent reply

Account Closed
  • Rental Property Investor
  • Central, fl
821
Votes |
950
Posts

Under contract for a 20 unit

Account Closed
  • Rental Property Investor
  • Central, fl
Posted

Ok so somehow I miraculously got a 20 unit under contract.  I already have a small commercial residential I bought two years ago and I’m trying to make sure my DD period I get everything covered.  I have an inspector I’ve used before.  Is there anything extra I should be looking for besides the standard water, electric, roof, parking lot, and structural?
It is in septic and well.  Should I get those both inspected?  If so what type of company does well inspections?  Just trying to make sure I don’t miss something that causes a 100,000 capex expense that could of been caught beforehand.  

Also as a side note, what’s everyone’s biggest deal they took down by themselves?   Am I trying to eat the whole elephant.  

Most Popular Reply

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1,072
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Erik W.
  • Real Estate Investor
  • Springfield, MO
2,580
Votes |
1,072
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Erik W.
  • Real Estate Investor
  • Springfield, MO
Replied

Get inside every unit.  Don't trust "Yes, it's been rehabbed".  Maybe it was.  Maybe not.  Maybe you have a different definition of "rehabbed" vs. the agent/Seller.  Maybe it was rehabbed and the tenant has torn it all up since.  Maybe it's vacant or unlivable.  You don't know until you get inside.

Copies of all leases and estoppel letters from all tenants saying, basically, this lease is the deal...the entire deal...and the Seller and tenant aren't making any new deals between now and closing to spring on you post closing.  Spell out who owns what appliances.

All security deposits transferred to you on the settlement statement.

Code violations and unpaid taxes.

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