Quote from @Adam Pervez:
Hi all,
For a first-time investor who wants to house hack, what are some issues that I should avoid for a newbie when looking for a first house hack. I am under contract on a MF and during the inspection, there was a little bit of asbestos in the basement. I have heard that can be pricy. I am currently getting a quote to see how much removal would be.
Did you have an inspection contingency in your offer to back out of the deal? If not, and you are stuck proceeding despite this discovery I would get multiple quotes from reputable abatement specialists in your area.
I hope this setback still works with your numbers. Abatement can be costly depending on the scope of work.
Best practice for someone like me who doesn’t have the knowledge to identify deficiencies with great accuracy would be to hire a knowledgeable home inspector to take a really detailed look at the property.
If you are going to go without an inspection, some things to pay mind to are;
Signs of serious mold indicates leaks or poor ventilation.
Large cracks or bowing in foundation walls could indicate settling which can be costly to repair and catastrophic if ignored.
Aging HVAC systems 12+ years old can start to nickel and dime you. When they do fail it can be very costly.
Poor roofing, flashing and soffit condition or missing sections can lead to leaks which cause rotting and eventually structural damage. Make sure everything looks buttoned up as this can be very costly if ignored.
Good luck to you.
