The RING: Real-Estate Investor Network Group Message Board › Highlights of the December RING Meeting...
Baton Rouge, LA
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Hello Fellow RING Members,
If you were at the December meeting then I know you got a lot of valuable information about houses and what kinds of things to look for when you are inspecting a potential property to rehab and flip or hold long term.
If you were not there, I'm sorry you could not make it! It was an eye opening presentation.
Here are some of the highlights of what we discovered:
- If the home was built between the 1940's through the mid 60's look for galvanized pipes. They tend to rot from the inside out and you often won't know there is a problem until it reaches the outside. You may have to completely redo all the plumbing. So watch for it!
- If it was built during the Vietnam War Era [1968 - mid 70's] watch out for aluminum wiring. This has been the source of many house fires. It's okay to use for 220 volt systems that use a stranded bundle, but the 110 volt systems used a solid wire and that is the one to watch out for.
- If it was built between the 40's - early 60's there may be asbestos siding or roofing. This is okay as long as it is not disturbed. You cannot cut it or remove it without getting into a hazardous materials issue.
- How about homes built between 2004 and 2009? Chinese drywall!!! The chemicals emitted by this "contaminated" drywall eats copper. It will destroy electrical wiring, plumbing, air conditioners, and anything else that has copper in it. Most of this contaminated drywall has already been discovered and disposed of, but be careful! There may still be some out there. If these newer houses have already had a new air conditioner replaced, that could be a sign beware of. Look for soot on copper lines.
- About one of every ten houses have appliances installed that have been recalled due to some safety hazard.
These are just a few highlights of what we learned at the December meeting.
That's the reason you should be at every RING meeting if you can make it. Because the more you know about real estate, the more successful you will be as an investor!
Make it a priority to come. Plan ahead! It is almost always on the 2nd Tuesday of each month.
Now if you are looking to buy a property and you are not sure what to look for, or just want a professional eye to look it over in case you missed something, then you can always hire a reputable inspector.
Consider it cheap insurance. If you spend $350 for an inspection before hand, it could save you from making a $10000 mistake. Think about it!
Our guest speaker was Mike Jordan with HouseMaster Home Inspections. You can reach him at (225) 673-2441.
Well that's all for now. I hope to see you at the next RING meeting!
Organizer, The RING
Real-Estate Investor Network Group