rehabs - Posted by Mnlady

Posted by Kathi on November 20, 2002 at 10:08:10:

Call your local department of building inspection or building premit department. Requirements vary by jurisdiction. For example, in my jurisdiction, I am not permitted to pull my own permits on my investment properties but only on my own personal residence.

rehabs - Posted by Mnlady

Posted by Mnlady on November 16, 2002 at 12:51:54:

We started buying and renting duplexes about 3 years ago. While I like searching for the properties, fixing them up (well,okay hubby does most of that), collecting the rent and seeing the properties values go up, I (we) don’t exactly like showing the units to tenants (who don’t show up and waste our time), getting damage deposits and rents out of either tenants or government agencies, receiving maintenance/repair calls or calls from neighbors of tenants. I am thinking of rehabing and either selling outright or renting with option. I’ll be new to this and was wondering if any of you out there started with rentals and then went the rehab route? I was also wondering, just as a general question, if you have to be licensed to rehab property or does it matter as long as you own it?

What are some of the starting points to this? I can say that I do the bookkeeping and finances for our rentals right now and hubby can do any home repair and renovation you can think of. So I think we could make a go of this. I’d like to buy distressed or ugly properties and have seen some sites where you have to sign up to see the properties. Are these sites on the up-and-up?

Re: rehabs - Posted by M. Martin

Posted by M. Martin on November 16, 2002 at 20:49:07:

I have done the opposite of you. I started with a rehab and now I am looking into rentals. I am relatively new at this but I can answer a few of your questions.

You don’t have to be liscensed if you own the property. You can obtain a building permit in your name and then your electrical and mechanical subs will pull their individuals permits based on your building permit. I suggest calling you local office of building permits to verify.

The starting points should be much easier for you and your husband because of your rental experience. You should already have banking, accounting and legal relationships that will help you. You should also be able to identy the neiborhoods that are right for rehab and sell. Either learn the FMV’s yourself or establish a relationship with a realtor who will provide you with good (after fix up) comps on the properties. Build a team to make the projects happen (good subs, funding source, inspectors, appraisors, realtor for comps and/or listing your properties)

Check out “Buy it, Fix it, Sell it,Profit!” by Ken C. Meyers. It provides a great outline on the rehab business.

Good Luck