To Become Wealthy: Inspection Report

The property was inspected the other day by a professional. Of course we were not able to attend, but our realtor went along to see the details for herself. The report was very thorough and detailed. The inspector even included a lot of digital photos of anything that was below standard and needed work. Overall ,we were pleased with the job that was done.

Sometime the levels that people will sink to in cleanliness amazes me. There were photos of one apartment that I could barely force myself to look at. These people had let their dogs have the run of the place, and from the looks of it, they never took their pets out for a walk, or bothered to clean up after them. It was disgusting to even try to imagine what it mush have smelled like. I believe those tenets are in the middle of getting evicted. I am going to look into the cost of having that apartment professionally cleaned. I fear that smells like that never really come out. Although this turns my stomach, this alone does not deter us from purchasing the apartment complex.

We already knew that the exterior needs to be completely redone, and a credit to do it is included as part of the contract. The only other major thing that will make or break this apartment complex for us is the roof. It looks like it needs to be completely redone. In the photos we could see that it was a sunny, cloudless day, but there were puddles of water on the roof. There was also evidence of water damage in several apartments that I am sure correspond to the puddles. So, we want to also add the total amount to redo the roof to be included in the contract.

Basically, there has been a history of deferred maintenance in this complex that is apparent in the inspection report. We have no plans for rehabbing the entire property, but we would like to put a stop to its decline. I believe that although this is an investment for us, we need to take into consideration that people are living in our investment and that they are ultimately the ones who are responsible for our monthly cash flow, so we need to give them some consideration. This property is not located in the best neighborhood, but that does not mean that we cannot do some simple things to try to keep them happy with where they have chosen to live. I want to be wealthy, but I do not think that in order to maximize my profits that I need to sacrifice my tenants.