All Forum Posts by: Account Closed

Got my early bird ticket! I'm so excited!

I'm working on getting my first rental property this year and had a question for the experienced masses. Can you make an offer contingent on a successful U&O inspection (or a non-exorbitant one)? Basically the area I'm looking at is notorious for strict and often costly U&O inspections. And most investment properties are listed as "buyer responsible for U&O" even though it is technically the seller's responsibility. I'll always make an offer contingent on a general inspection but I don't want to move past the point of no return and find out the U&O requires $8k above my planned reno budget. Just wondering if it's even possible. Or do I find a home inspector familiar with the area who can catch those problems early and give me an out if they're too costly? TIA for the wisdom.

Thanks @Andrew Kerr ! I'm looking at my first triplex this week and the owner and listing agent have already been vague and a handful to deal with.

@Andrew Kerr do you request this on all MFR's or just larger ones (5+ units)? What if the current owner/LL is lacking paperwork?

@Conrad D. I've been looking in the area too. Reach out to @Tyler Willis at FlipFunding to see if they can help you or at least know what to expect with numbers.

Craigslist is also a good way to see what other properties in your area are renting for.

 I've been in contact with @Tyler Willis at FlipFunding.

 Thanks Steve! In looking for rental comps I've seen you have some properties this way too. In general it just seems that outside the city the taxes are high where the prices are low. Have you found it tough dealing with the "historic" aspect of Pottstown/Norristown?

This has definitely been an enlightening thread. Not to hijack your post @Kevin H. but what would you veterans suggest as a good area for a newbie? I'm looking for cash flow versus appreciation. I'd like to self manage for a while to learn so the city seems a bit far from MontCo. But it seems taxes in the burbs are always going to be higher than the city. @Steve Babiak, @Jon Graboyes, @Account Closed Thanks for the U&O details. Very helpful.

@Jon Graboyes Thanks for the insight. I know U&O is typically on the seller and plenty of listings say 'buyer responsible'. I needed one to sell my last primary home and know it's a pain point. I'll definitely have to factor that in to any of my offers.