All Forum Posts by: Eric Hathway

I just got a home inspection done on a 3 family and they found 90% of the electircal to be active knob and tube. It is a fire risk being in the insulation in the attic so if I moved forward with the deal it would have to be removed.

Has anyone heard of removing it and rewiring with surface mounted wiring? From what I hear it would be half the cost and in my case the seller might agree to have it done.

Any thoughts?

The property is in Manchester, NH. I'll check around online and talk to the sellers and their agent about it. They may have documentation that explains it.  I will investigate at the courthouse or with an attorney if I have to. Thank you for your help!!!

I'm looking at a multi-unit property that is zoned as R-2, but is set up as 3 units (3BR,1ba /  3BR,1ba /  1BR,1ba). The property disclosures say "R-2, but 3 family okay". Am I going to run into problems with this?

They also currently rent out the 2 car garage with attached office to a company. Does it need to be zoned for commercial? Do I have to find out if business is actually conducted here or if it is just used for storage?

Thank you!!!!!

Thank you Jason! I appreciate it.

Is there any difference insuring a property with a commercial loan versus a residential?  I am considering a 5 unit. My insurance co is closed today so I cant ask them.

Wow, both are great answers. Thank you both for your insights.

I am deciding between a 3-family property consisting of 3BR units and a 5-family property that are all 2BR units. They are roughly around the same price and profit about the same per month. Utilities are separated and paid by tenants in both.

Anybody have any advice on deeling with 5 units versus 3? I think the 2BR units would be more in demand, but then you have 5 units to maintain and more tenants to keep happy.

Hypothetically on a larger scale, what if it was an 8 unit property with single bedrooms. Easy to fill, but more maintenance calls?