I wonder what the guys here think and maybe learn from the experience others have had in similar situations.
We are ten days from the closing date on an investment apartment intended for rent. The apartment is in a building with an elevator and parking in northern Chicago in a relatively sought-after area on the subway axis that travels to the city. On the surface, the building looks maintained and clean … Now we come to “mourning”: I finally received the package of documents from the association this week. Going over the summaries of recent committee meetings I found that the electrical system in the building was old and the “upgrade” I was told was done on the electricity meter in general was done due to a malfunction that knocked down the apartment for two months, the water pipes are old and there are several leaks in the building Strange when there is wind, and if all that is not enough there are also reports of vandalism committed by tenants inside the building.
Sounds like there are a number of big and expensive projects on the agenda but things are moving at a pace that there is no point in asking the seller to reserve money aside for a year for special assessments). I am undecided between canceling the deal and entering into another round of bargaining so that the price embodies what appears to be a larger financial summary than I thought.
Has anyone been in a similar situation? Someone has thoughts or steps
Recommended?
Thanks in advance to all the respondents and participants !!
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