First timer with inherited home
I inherited a house that I plan on turning into a rental. The house was built in the 60s and has a lot of issues. It needs a full reno and I want to take a HEL out on it to pay for it.
Insurance:
I can't get the HEL without insurance and can't get insurance without spending a ton of money to fix the issues. Is there a better way or a specific type insurance I can get to cover the home until everything is fixed.
Reno:
Since I need to reno I'd like to do some of the demo and build myself. Staying away from big things like electrical and plumbing. Do I need a permit to start tearing down paneling and walls in the house?
As far as permits to remove paneling, no but depending on what you mean by tear down walls (leave studs or remove entirely) your local office may require permits. You should be able to pull up the requirements for permits online locally
We do a lot of flips and get construction non occupied insurance from a our farmers insurance agent the bills say foremost.
As to permits & starting at light demo not removing studs is fine but depending on if the wall is load bearing (and how you inspector wants you to verify, your contractor knows to need a structural engineer have been answers ibhave gotten) is what permits will be needed have a good idea of what you want when finished before moving walls etc
Best of luck!. We are actually trying to matket to this situation in our market tonhelp navigate all these questions
Quote from @Andrew King:
I inherited a house that I plan on turning into a rental. The house was built in the 60s and has a lot of issues. It needs a full reno and I want to take a HEL out on it to pay for it.
Insurance:I can't get the HEL without insurance and can't get insurance without spending a ton of money to fix the issues. Is there a better way or a specific type insurance I can get to cover the home until everything is fixed.
Reno:
Since I need to reno I'd like to do some of the demo and build myself. Staying away from big things like electrical and plumbing. Do I need a permit to start tearing down paneling and walls in the house?
Hey Andrew, I can help you out with insurance on this property. I am a licensed insurance broker in FL as well as 13 other states. I've got a few carriers I can think of that specialize in renovation policies. Sending you a PM now with my info.