OfflineI was Inspecting a home for another Investor and I noticed a "jerry-rigged" device attached to the bottom of a downspout,(apparently designed to divert water away from the house). I noticed as well that there was a low spot in the ground just below the downspout that could allow water to pool up near the foundation. Naturally suspicous, I entered the crawl space and made my way over to that area. Immediatly I noticed the rim joist and the one adjacent to it were completly saturated with water and black in color. These floor supports were obviously exposed to a lot of water over time. Now of course anything in construction can be fixed or replaced; the problem is the down-time or cost. The Investor decided that this property was not in his best interest. Just think if he didn't have it inspected; ended up purchasing it, only to have the Buyer hire an inspector, then backing out of the deal. The fix-up costs would be spendy, and now it's not a profitable deal. So please "pay attention" to details.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Hey..good save; on one of my recent purchases, a contract or deed with 3 year balloon note, I noticed something similar on a front entry way door, evidence of chronic leak and water damage. The property was on a bit of a slope, but bascially a new home. I solved the problem by removing and replacing the weather stripping,silcone, etc. BUT THE REAL culprit was . . yep, I looked up and there were no gutters no eavestroughs; I've noticed now, driving around that about every other house has none!!!for some reason when builders get to the end of a construction job. they just quit and stop there. STATISTIC:
out of my current 6 rental properties, I had to install gutters and downspouts. . . on 4 of them.. . solves a hosts of structural problems.
out looking crosstown for another deal..
crosstown looker