Posted by Redline on December 17, 1998 at 14:02:48:
Actually, this is negotiable.
This Old House - Posted by Robert
Posted by Robert on December 16, 1998 at 23:28:12:
My wife and I are looking at multi family homes (2-4 units) in a mid sized city. We come across several that would yeild a positive cash flow.Our concern is they were built between 1873 and 1920. Most have updated electrical and newer roofs,well kept, but is it unwise to invest in property this old. Are they harder to resell,maintance nightmare? We plan on renting them for several years and re-selling.Please advise.
Re: This Old House - Posted by Rich
Posted by Rich on December 17, 1998 at 06:35:44:
Hi. I’ve lived in old houses all of my life. I agree with Soapymac, get an inspection. I believe older homes are ‘time tested’, so if they can stand for 75 years or more without crumbling, they can probably make it for another 75. I’m not certain some of the homes I’ve seen built recently will be here in 25 years, let alone 75. My current home was built in 1855, and has eleven foot ceilings, interior shutters, big rooms, and lots of ‘character’…maybe a few ghosts too. I just closed on another property last week that was built in 1860 that also has some great architectural features, but will require some work to get it to where I want it to be. But I think it will be worth it. Buying an old house is a lot like buying an antique…an investment in quality workmanship. Good luck! - Rich
This Old House Inspection… - Posted by Soapymac
Posted by Soapymac on December 16, 1998 at 23:45:25:
should provide the answers that you would need.
IF (big word) you write your offer “subject to” a building inspection to make sure that the buildings are in satisfactory condition and up to code, that should allay some of your fears.
If the building does NOT pass inspection, you should have, in your offer, the option to obtain estimates to bring the building up to code and reduce the purchase price by that amount…if you determine that you still want the building…OR…that the offer is null and void, all monies you used for a deposit shall be returned to you, etc.
My 2 cents.