The property was inspected yesterday and I received the reports today. No termites were found, although there were a couple places where wood siding was touching the ground, which is conducive to termites. I'll get that cleared away.
The house itself has what I consider to be standard repair issues with a 34 year old house:
- Loose bricks in block fence
- Windows and doors need to be sealed
- Some wall shifting / displacement is evident
- Aluminum wiring (instead of copper - typical for the year the house was built)
- Outlets at kitchen, bathroom, and outside are not GFCI outlets
- Dishwasher racks are rusty
- Kitchen faucet leaks
- Bathroom faucet leaks
- Garbage disposal noisy and vibrating
- A workshop / shed was added and the sink in it uses pipes that are too small and don't have supply values
- The plumbing vent in the workshop doesn't extend to the exterior and vents into the room
- Ceiling fans are installed below 7 foot blade height
There were also various other miscellaneous items, but when all is said and done, it's not in horribly bad shape. I'll probably replace the dishwasher and garbage disposal. All in all, it looks like I'm set to close escrow! My insurance coverage on the property doesn't start until Friday, so that's the earliest I can close. I called the escrow agent to get an update but he was away from his desk and I had to leave voicemail.
4 comments:
Shaun, you mentioned a few blog entries below that you won;t be using traditional financing. Could I ask what you are using (HML/PML, own money, other)? Just curious.
This is a cash purchase using an LLC I started with some other investors.
Would you consider posting pictures of the houses you purchase?
-Nev
-NevBlog.com
That's a good idea! I'll need to do some investigating on how to, but I'll do it!
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