Elijah Morin
Inspection before you start rehab
21 July 2024 | 2 replies
If any of you local Florida people can recommend a inspector in manatee that would be great...
Jorge Garcia
Beach vacation rental
21 July 2024 | 18 replies
Inspectors are evaluating all high rise buildings in Florida for structural stability.
Karolina Powell
Questions to ask when touring a multi family
21 July 2024 | 12 replies
Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.
Bill Fanelli
StayFi wifi for STR
20 July 2024 | 15 replies
I literally have our inspectors plug in the device and we're up.The last benefit, which wasn't even intended at the start, is guest email collection.
Rob Bergeron
Let's Get Weird: Top Sneaky Insights You've Learned From Investing in Louisville
19 July 2024 | 3 replies
Ex: Best inspector to get for section 8 inspection.
Tom Thomson
Return of earnest money after home broke into and ac/furnace stolen and damage 2 home
19 July 2024 | 3 replies
I would not cancel the deal- I would allow the seller to do his thing, then schedule a final walkthrough and bring a 3rd party with me (contractor, handyman or inspector).
Jeff Gammon
Adding a mini split in a rental?
18 July 2024 | 5 replies
Even some home inspectors don't seem to realize this one.
Jaekwan Lee
Things to look at on Quadplex showing and put contingency
19 July 2024 | 8 replies
You could have house inspector inspect it.
Sarah DeMamiel
$400,000 To flip or to brrrr? Or both?
21 July 2024 | 64 replies
Maybe the inspector sees it.
Dan Hertler
Is SFR Cashflow a Myth?
20 July 2024 | 59 replies
I have had inspectors tell me that my 30 year old HVAC is at the end of life when I buy a property.