Tips for Purchasing an Old Property

[Joseph Gringeri]

Hi Everyone,

I'm looking to purchase my first investment property, which will be used as a long term SFR. My goal is to start with a solid foundation, and I would prefer to hold this property for the long term, making enhancements as needed.

This property is in an area with many homes built around 1900. This one in particular (a townhouse) was built a bit before - 1870. Cosmetic wise, the property looks good, and I’m prepared to make the needed repairs. We’re taking the stand cap ex items into account, including the main sewer line.

What are your thoughts on purchasing a property this old, and is there anything I should watch out for while I hold it?

Any thoughts you have would be greatly appreciated.

[Jerome Kaidor]

I once owned a 20 unit building that was built in 1915.   That sucker ate my lunch to the tune of $3K a month for ten years.  There was just no end of problems.  Add to that a bad neighborhood.... let's just say I danced a jig when I sold it.

  The electrics were goofy - there were just all sorts of bodges.  There was only one 110V 20A circuit for each apartment.  The plumbing was beyond strange;  the DWV ( drain-waste-vent ) piping was all 1 1/2 inch.  Doesn't take much poop to clog a 1.5 inch pipe.

  I vowed then and there never to buy another prewar building.  And actually, right now I wouldn't touch a property built before the mid 70's.  Lead and asbestos can turn a simple plumbing job into a superfund-site-nightmare.