Property Rehab: Fixer-Upper and Construction Talk

With home prices down as much as 50% from their peak several years ago, especially in certain real-estate markets, many people are deciding with good reason that now is the time to jump into homeownership or to invest in real estate. While living in a brand-new home has its perks, these newer homes often lack charm and personality.

Getting a neat house under contract... but, it's bank owned and we don't have long (10 days, yikes!!) for our due diligence.

First time we've bought one with a mold/mildew issue... anybody have any suggestions? Repair hints? Budgeting ideas? We're thinking the drywall needs to come out, but what about the framing?
Anybody out there dealt with mold and rehabbed enough to get conventional financing on the resale?

We are getting ready to embark on large rehab project of an apartment complex we purchased. The larger aspects include all new windows, 2 new flat roofs, new mansard roofing (layover), office rehab and redesign, 30 units rehabbed (prob around 6K/unit). We have had several meetings with our contractor and are down to contract signing. They presented us with several individual contracts for each aspect (such as just windows), but said a prime contract would be easier. Can anyone shed some insight on what we should keep in mind with a prime vs. individual contracts?

Thanks!

What is the best way to determine repair cost with out of state property.

Chris

Just curious as to whether one is able to use a self-directed IRA for rehabbing a property only. As opposed to acqusition...

Has Lead Based Paint been found in your property?
What has your experience been?

John

Old Dust

I don't know if they are national or not but these two companies advertise 'apparently' good flooring deals.

The companies are Express and Empire.

If you have used them, what was your experience?

Thanks

John

Old Dust

Hey DG family and guests! I've recently come across a loan program that may be a huge help when trying to resell your investment properties or even to buy an investment property for yourself if you intend to live in it for at least a year.

It's called a 203k renovation loan and is an FHA insured loan with the same low down payment (3.5%) and low credit score requirements (620 or even less). It allows you to buy a property in distressed condition and roll all of your renovation costs into the loan.

As a realtor, I'm working with buyers and sellers all the time who are having problems buying or selling their properties because of needed repairs and they don't have money to take care of them, so the loan doesn't go through. 203k is changing that!

Investors are often pressed for time. They have little time to do what they would like to in the business of real estate. Investors tent to look at properties, evaluate them, find out the repair costs, and make offers.

This can take up quite bit of time. Because of this many investors find ways they can cut down on the time they use when evaluating properties.

Investors are often pressed for time. They have little time to do what they would like to in the business of real estate. Investors tent to look at properties, evaluate them, find out the repair costs, and make offers.

This can take up quite bit of time. Because of this many investors find ways they can cut down on the time they use when evaluating properties.