First Property Home Inspection

[Kevin M Dobyns]

Hey everyone!

So I have had my offer accepted on my first rental property. It is a fixer upper no doubt, so i made sure to put on contingency of how the home inspection goes. I got the inspection completed today, the home will need new windows due to some water damage, recommended that I get a plumber, and electrician out there as well for some issues I could get into more detail about if necessary. I am able to do a lot of the cosmetic stuff to make it more rent ready. As I’m sure many of you have encountered, I was a little more nervous jumping in after the inspection but I’m glad I did it and have already learned a lot. Just curious if you guys would try to take it on, or what your next step would be. My other thoughts were possibly trying to find more of a manageable property for me personally to start and maybe get into more rehab stuff later on down the road when I’ve dealt with more and have more experience. Once again, thank you as always!

Kevin

[Chris B.]

Its hard to provide much advice with the information provided. No financials and scope of work required are posted so we'll assume you are getting a good ARV deal on the property. If so, and you are comfortable taking it on, it may be a great opportunity for you. Best wishes on your first purchase.

[Theresa Harris]

Why did the inspector recommend a plumber and electrician?  What are the estimates on the necessary repairs?  Anything unexpected, you can use to negotiate a lower sales price.  Things like windows, not so much as you could see the condition of those when you toured the home.