Investing in Older Properties

[Peter Chaniotakis]

Hi everyone,

I hope this finds you and your families in good health. Currently, I am living in Los Angeles and am looking to purchase a multifamily home to live and rent simultaneously. Given my low budget and Los Angeles's high market prices, I have been primarily looking at homes that were built in the early 1900's and have been remodeled to a certain degree. I am curious what everyone's thoughts and experiences have been when purchasing older homes and how long they really last. What are the estimated expenses associated with early 1900's homes? Any advice concerning this purchase would be greatly appreciated.

Thank you,

Peter

[John Warren]

@Peter Chaniotakis it really depends on the type of construction. There are plenty of properties here in Chicago that are from the turn of the century that are still in great shape. I typically look for brick properties. The foundations tend to not be a big issue here, but we do see some issues with tuck pointing in certain build styles. 

Are you looking at brick or frame? Flat roof? Watch out for plumbing or electrical that hasn't been updated.