What types of construction/building issues do I need to look for?

[Axel Ragnarsson]

Hey everyone,

I'm a Boston based real estate investor (although my portfolio and property management company is located in NH) who is looking to start buying multifamily property in Florida, specifically the Lakeland area. I was hoping to learn from local, Florida based investors about what to look for in terms of common construction or building issues (electrical, plumbing, foundation, etc). 

For example, in NH, 90% of the inventory was built between 1880-1920. There are common issues with properties built in this timeframe (knob and tube wiring, horsehair plaster instead of drywall, flat roofs with minimal drainage, stone foundations, etc). What are some things you wise Florida based investors look for when doing diligence on properties?

Additionally, if anyone reading this is a property manager or broker who specializes in managing/transacting multifamily properties in the Lakeland, FL area, please reach out!

Thanks in advance - Axel

[Duriel Taylor]

@Axel Ragnarsson I would say 60% of the inventory in Lakeland were built in the 1974. In 1992 when we had a huge hurricane (andrew) the building code standards were increased, in 1996. Thus, any homes purchased that are built before 1996 you would have to bring up to code (IE impact windows, accessibility; Joint Building Fire; Code Administration/Enforcement; Electrical; Energy; Mechanical; Plumbing and Fuel Gas; Roofing; Swimming Pool; and Special Occupancy). While adopted and updated every three years, the Florida Building Code may be amended annually to incorporate interpretations, clarifications and to update standards. Minimum requirements for permitting, plans review and inspections are established by the Code but local jurisdictions may adopt additional administrative requirements that are more stringent. The last update was Dec.2017