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  #11  
Old 04-02-2020, 12:21 AM
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No, only 2 of the 3 units are rented. The other is currently owner occupied.

But it is a 4-unit or less building, which means the bank will treat it as residential if the owner plans to live in one of the units. This means 5% down is doable. I think.
As I said its probably a good deal if you actually plan to live in one of the units for at least a couple of years.
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  #12  
Old 04-02-2020, 01:29 AM
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My google told me that wood frame buildings only last between 100-150 years?

Perhaps, due to the deterioration of the foundation, siding, old wiring, old plumbing, etc. If everything is kept up they can last a long time.
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  #13  
Old 04-02-2020, 01:50 AM
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More Info:

It turns out that the basement is a non-legal unit with 3 rooms. Each room is currently rented out and the basement in total fetches another 1-2k a month.

So if the owner occupies one of the units, he can fetch 5-6k a month.

That sounds too good to be true.
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Old 04-02-2020, 02:07 AM
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It contains potassium benzoate.
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  #15  
Old 04-02-2020, 07:55 AM
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Old buildings need a lot of repairs a pipe dies, and is hard to get at, and the rest of the plumbing doesn't meet current code. It might have knob and tube wiring. Mice chewed a hole in some siding and you can't but anything with the same dimensions...
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Old 04-02-2020, 08:17 AM
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Once you have someone come in to do repairs, they are legally bound to bring it up to code which means you are financially bound to bring it up to code. If you don't, your occupancy permit could get revoked, and/or the permitting department finds out about the illegal apartments.

That's gonna be a no for me, Dawg.
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  #17  
Old 04-02-2020, 09:09 AM
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What are the rental comps in the neighborhood?
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  #18  
Old 04-02-2020, 09:11 AM
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And you won't be buying this sight unseen, right? You will have an inspector come out and check out the place right? In fact, the mortgage company will insist on it. That will go far in answering a lot of questions.
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Old 04-02-2020, 09:47 AM
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Quote:
Originally Posted by Brock View Post
Once you have someone come in to do repairs, they are legally bound to bring it up to code which means you are financially bound to bring it up to code. If you don't, your occupancy permit could get revoked, and/or the permitting department finds out about the illegal apartments.

That's gonna be a no for me, Dawg.
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  #20  
Old 04-02-2020, 10:02 AM
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So the owner added the Basement unit the year following her purchase of the building in 2015.

Since the building is so old, it could be that all or most of the repairs that needed to happen to bring everything up to code has already happen, no?
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