Old building Question (x-post r/realestate)
I am looking at buying a old hotel, it has several commercial spaces at street level, and then 2 levels of hotel rooms i wanted to turn into a few living units for my family and business partner and then turn the rest into offices storage for our business. I have been working through all the constraints of the property, and working out a renovation plan so i could figure out a ball park for after purchase expenses.
One thing that suddenly stuck out to me was that the realtor said there is water in the basement from a creek that runs under the street. It is kept in check by a sump pump but it's been a problem long enough that the old boiler is a rusted heap.
This is the western washington so we have our share of floods, and it doesn't surprise me that there is water in the basement but should i be freaked out about that?
[{"id": "ch9pgtj", "text": "Insurance issues perhaps?  \n\nAny water in the basement is typically a problem, especially for getting any kind of coverage.  Add to that the fact that rates are jumping large amounts each year and it could be a money sink long term.  (Not even the repairs - just the coverage!)\n\n", "replies": [], "depth": 1}]