Re: Actual cost of repairs? - Posted by dell-ohio
Posted by dell-ohio on July 02, 2003 at 22:45:29:
well aint that the truth …
We have purchased 11 properties since Janurary. Many of out “actual” repair numbers have been way off.
Like the house we discovered with serious termite infestation. This was not noticed during the inspection, because you couldnt get under this section for floor. We removed some spongey floring to discover a couple joists, totally collapsed,(eaten away by termites) and a the rest in various states of consumption.
We removed the drywall and the studs had fared about the same.
Anither; fourteen unit apartment building with 12,500 sq ft retail space. Actual quote from contractor, 70,000, ran into state inspection issues and the sprinkler system alone is another 38,000.
We are not hurting on bny of these projects because we bought right.