Just bought a dilapidated Multifamily in philly - first steps?
The property is RM-1 multifamily. The house is in really bad shape, it has been vacant for a long time and has no kitchen or anything - also part of it has no floor. The lot is huge 5000 sq feet but 2300 has been built. With lots of imagination, it can be turned into a 3 unit building I think:
1 studio apt
2 - 2 bedrooms
I’m just wondering what my first steps should be. I paid cash and have cash remaining to do the work. I hope I won’t need to finance any of my project. I’ve been saving up for a long time! First I want to get insurance, although I’m not sure if any companies would insure it in its present state. Also I know I need a rental license to rent it out. I don’t want to hire a general contractor for everything bc it’s too expensive. I would like to hire out each subcontracter by myself ( one company for flooring, one for electrical, one for plumbing, one to do kitchen etc) i guess my first step is to make sure the roof is okay. I can do the easy stuff like painting. Plus I figure it’ll be part of my education because I plan to make a business out of this.... after saving more money :)
I’m really excited. What do you think of my first steps?