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Updated over 5 years ago,

User Stats

75
Posts
35
Votes
Nelson Taylor
  • Rental Property Investor
  • Providence, RI
35
Votes |
75
Posts

Three Family Firecoding Questions

Nelson Taylor
  • Rental Property Investor
  • Providence, RI
Posted

So, I have found myself in a pickle.  I have a three family investment property under contract in Providence that I did not make subject to seller providing firecode compliance.  Why would I do this?  Because Providence allowed wireless systems, which were inexpensive (about $1300) and easy/quick to get approved and installed.  

After the fact, I come to learn that Providence has reversed its decision on wireless.  No more.  I have a no-contingency closing scheduled for 5/27, though I am getting financing.  So, here are my questions:

1) Does any know an electrician who can get a 3 family fire system approved and installed in 3 weeks, or

2) Does anyone know of a lender that will close on a three family investment property before it is firecode compliant, maybe escrow so that system can be installed within 60 days of closing?

3) If the latter, does anyone know what I can expect as far as a cost for insurance on property that is not fire code compliant, which will also be delivered vacant as I am doing upgrades to the units prior to re-renting?

Thanks!!

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