Warnings for 1st Time Complete Gut Renovation DC Row Home
Hey BP,
My wife and I are getting relocated to DC this summer and the only way we can get everything we want in the city is by performing a "live and flip". We're going to buy a fixer with a 203K construction loan and will do a complete gut renovation. We are nervous about this because these homes are all early 1900s builds. We've never done something so old before hahaha.
We plan to open up the main floor and add a half bath. The upstairs we'll create an in-suite bathroom for the master and add an additional bathroom (if there's space). The basement we plan to finish as a studio with full bath and kitchenette, "apartment"/Mother-in-law suite so that we can rent it out and house hack.
For the experienced DC rehabbers, what kind of surprises in these renovations should we prepare for and how do we know if a contractor is prepared for them? Thanks in advance.
Most Popular Reply
So you think it would be better to lie about market conditions so as to be inspirational and motivating?
My job on these forums, is my same as being a broker, and Im one of the top 100 in DC/MD out of 60,000 agents....it is to convey the realities of the market.
You know how many 203k loans closed in DC in the last year? 13. I closed 2 of those. In the DC region outside the city....34 additional ones. Thats out of over 80,000 home sales.
I'll leave the job to be inspirational to others. I unabashedly have always offered the reality of real estate, whether it' whats people want to hear or not....and thats why me, my clients, my friends and followers are closing deals year after year getting rich using the methods our market offers us, instead of focusing on strategies that dont work in our market.
- Russell Brazil
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- Podcast Guest on Show #192
