Friday, March 11, 2011

City Inspection First Week of April

The group met and reviewed the pre-inspection report. Everyone worked well together and we had a very productive session. I guess after ten years living together we have figured out how to deal with each other.

One of our TIC owners is a licensed civil engineer, so that helps a great deal when reviewing building codes, and assessing what can and should be done.

We have decided to address basic things in our pre-inspection report, such as ungrounded electrical outlets, gas heater strapping, safety pans for our stoves.

We are going to wait for the City's official inspection to make decisions about bigger ticket repairs, such as replacing wall heaters, our common laundry area, opening up walls for electrical inspections and so on.

Because some of the renovations on our units took place ten years ago, the City does not appear to have complete permit records online. So we also need to either dig up paper records in our files, or try to find records on microfiche, so they can be available when City inspectors arrive.

They are coming the first week of April... This will be the biggest test for how high the hurdle will be to condo convert our 101 year old building.

2 Comments:

Blogger tasha 'neZzie' nesbitt said...

Wow - your blog is full of good information. Thank you for maintaining it regularly. Do you know of any lists, blogs or meetups for people seeking TIC partners? All the best with your inspections!

5:02 PM  
Blogger rp said...

I don't know of any blogs or meetups. I did not know my TIC partners before we went forward with buying the building. I'd say the best thing to do is find a property that you like, and evaluate the other buyers before you complete the deal. Make it a contingency that you need to meet each partner, and evaluate them based on their financial soundness as well as their personalities to see if you feel good about living and doing business with them. I cancelled a couple deals before going through with this property, simply because something about the group didn't feel right to me. You are going to live with these people, so it has to feel right.

10:43 PM  

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