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We bought a a few duplexes a while ago that were built in the 1930s. Find the best inspector in your market. We did. Helped us negotiate down.
1. Get the plumbing and sewer lateral checked
2. Electrical - knob and tube or updated wiring? How old are the fuse boxes?
3. Plan for asbestos and lead paint.
4. How old are the windows? See #3 above.
5. Are the kitchens and baths updated? If not, plan for incremental remodeling as tenants move out so you can charge higher rents. Also, see #3 above
6. Any decks or balconies? Have them inspected as well.
7. Roofing in our instance were flat roofs, but make sure it’s been sealed properly.
Real estate investing is how we plan on building generational wealth for our children. If you’re willing to put in the work, save money, and pay attention to the details, you can generate yields and passive income to supplement your retirement, and also cover tuition(s)/family emergencies, etc with the equity as needed.
The competition has gotten brutal, and we are talking about PE firms and well heeled investors who are overbidding assets and then jacking up rents to met their yield target.
It’s all about having an in demand product (we try to keep our units up to date), very harsh standards on tenant screening (we are not a charity), and communication with our tenants. We respond when something breaks or things happen, and they always sign renewals (we raise the rent every year to account for inflation).