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Updated almost 6 years ago on . Most recent reply
![Nelson Taylor's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1211241/1621510251-avatar-nelsont11.jpg?twic=v1/output=image/crop=2419x2419@234x109/cover=128x128&v=2)
Three Family Firecoding Questions
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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![Katrina Demulling's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/629779/1621494185-avatar-katdemulling.jpg?twic=v1/output=image/cover=128x128&v=2)
Coastway (which is now part of HarborOne) was pretty great as a lender for doing something unconventional for me. It doesn’t hurt to see if a local portfolio lender could be flexible. Tight timeline to craft a creative solution that requires some bank committee/board approval could be tough though.
Best flexibility w/tight deadline would likely come from instead finding a hard money lender at high rates to kite you for the few months it’ll take to get place on a conventional mortgage.
On #3 - OceanPoint Insurance is great. They quoted me rates that we half of other carriers & they were very responsive/quick w/quote.