4 apartment buildings
Assume all buildings are 1960 - 1975
Brick exteriors
3 pitched roofs
1 flat roof
1 has boiler system, rest have HVAC
All apartments have own laundry, furnace, AC, Water Heater
Building 1 - 8 apartments Total Sqft 9534
Building 2 - 8 Apartments Total sqft 7157
Building 3 - 7 Apartments Total saft 5848
Building 4 - 4 Apartments Total sqft 2660
Client wants a full inspection of each building and apartments.
they have decided to not have the properties inspected.
I asked if this was a financial decision and they confirmed it seemed too expensive to have the inspection completed.
They also confirmed that I was already the lowest bid submitted at $3997
thanks for your input. I did not think i was too far off the mark on this one.
That seems short sighted for a professional property investor. Without having a professional assessment of the buildings, their investment could be far more expensive than they may have anticipated.
I recently quoted $5,200 to do a commercial property in the City of London. I was turned down in favour of a franchise operator who did the job for $1,800.!!
The bank originally quoted a mortgage for 80% of the appraised value, but reduced thier commitment to 50% unless the investor chose an inspector who knew what they were actually doing. The deal fell through and the agent tells me that she pushed for me, but the investor was not willing to shell out the extra bucks.
mauger
(Mike Auger, CMI - RI 43685, RMC-142, RMB-096)
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