Does your rental property need some updating? Maybe you’re buying a house with unpermitted work, and you’ve got to go back and fix a few problems. Or, this could be your first home renovation as you try to squeeze some sweat equity out of your property. Regardless of your situation, if you’re planning a home renovation, you’ll need to know how to do a few things: build a scope of work, pull permits, manage contractors, and ensure the job is actually getting done. We’ll help you do all of those today!
We’re taking questions from the BiggerPockets Forums today and answering topics like:
Some of these seem tricky if you’re a first-time investor, but don’t worry, ANYONE (even a newbie) can handle a home renovation IF you take the right steps and follow our suggestions.
Dave:
You have questions and we have answers. We found three real estate investing topics burning up the BiggerPockets forums and creating so much hot debate that we had to weigh in. Whether you’re just starting out or already have a mature portfolio, stay tuned to learn from the experts. Hey friends, Dave Meyer here today on the show. We are answering your questions. Ashley Kehr is here with me and we dug into the BiggerPockets forms and found a few trending topics we wanted to weigh in on. We’ll talk about whether it’s ever a good idea to buy a property that’s not properly permitted, how to analyze a house hack deal, so you buy your first property, right? We’ll also talk about estimating a scope of work for your first rehab and how to manage a renovation project if you’re investing long distance. Ashley, I know these topics are right in your wheelhouse. Are you ready?
Ashley:
Yeah, I am. This is like I’m taking a quiz here, getting grilled on my rookie knowledge.
Dave:
Yeah, well, we are going to be grading you at the end, so all right, let’s get into our first question, which actually is doubly up your alley because it comes from someone on the forums who is in upstate…