All Forum Posts by: Angelo Aguirre
Angelo Aguirre has started 11 posts and replied 48 times.
Post: Historic Restoration Questions - Pros/Cons
- Madison, WI
- Posts 53
- Votes 12
Originally posted by @Michael Seeker:
Originally posted by @Jamane Y.:
Michael siekerka does historic renovations in Louisville, KY I just heard him talk about that on another podcast.
Thanks for the shout out! I've since changed my last name which is why it didn't pop up automatically.
As for historic renovations, I've done a lot of these both on single family homes and rental properties. There is a federal tax credit which is a great tool to use, but was just changed to be spread out over 5 years with the new
@Michael Seeker
Thank you for all of that great information. It seems like the tax benefits may take some paper pushing but may be well worth it in the end. Being a flip, I don't think we can take full advantage of them but should be eligible for a percentage. I'm excited to see the end product! Thanks again.
Post: Historic Restoration Questions - Pros/Cons
- Madison, WI
- Posts 53
- Votes 12
That's great to hear that your friend does this type of rehabbing. It is new to me, and it's encouraging to hear others are doing it. Thank you!
Post: Historic Restoration Questions - Pros/Cons
- Madison, WI
- Posts 53
- Votes 12
Thank you for all of the information. After reading up on my property in question, there too were restrictions on the outside having to be maintained as original with minimal interior modifications. I agree, it does seem to be contain more steps and is more meticulous than a normal rehab. I think the idea is great, to restore a historic home, but only if resources allow. Thanks again!
Post: Historic Restoration Questions - Pros/Cons
- Madison, WI
- Posts 53
- Votes 12
Originally posted by @Jonathan Holmes:
I’ve never done one as a investment but the organization I work for did a partial rehab on a historical home. The short answer is it depends on the local government. I know we did all new electrical, new vinyl siding, new vinyl replacement windows plus some other items. However, I have read stories on BP about local governments stipulating what type of siding can be used and all sorts of stuff.
My advice is to call the municipality that the property resides in and ask them to direct you to the law on historical homes. It can be very restrictive. As far as things to look out for in the home, electrical, plumbing, lack of common amenities and everything possibly being past it’s useful lifespan.
Post: Historic Restoration Questions - Pros/Cons
- Madison, WI
- Posts 53
- Votes 12
Originally posted by @Angelo Aguirre:
Jonathan,
Thank you for the information. After walking through my property in question, I was also thinking about the main utilities such as electrical and plumbing. But it's great to hear that others are also doing this type of renovating. I really appreciate it!
Post: Historic Restoration Questions - Pros/Cons
- Madison, WI
- Posts 53
- Votes 12
Jamane,
Thank you for the reference! I will have to search our Michael to see if I can find that podcast. Thanks!
Angelo
Post: Historic Restoration Questions - Pros/Cons
- Madison, WI
- Posts 53
- Votes 12
Jonathan,
Thank you for the information. After walking through my property in question, I was also thinking about the main utilities such as electrical and plumbing. But it's great to hear that others are also doing this type of renovating. I really appreciate it!
Post: Historic Restoration Questions - Pros/Cons
- Madison, WI
- Posts 53
- Votes 12
Hello,
I am curious if anyone has done a rehab on a historic house. Being a registered historic structure, were you limited in any way? I do believe there are stricter rehab guidelines in regards to maintaining its original look. However, did the age of the house hinder the re-sale process at all? Where there major surprises while rehabbing such an old home?
I also see there is a tax incentive, the Investment Tax Credit, that allows for a percentage of rehab costs to be written off as a tax credit if the rehab was done to a registered historic structure.
With so many angles, is a historic rehab worth it?
Thank you for your input!
Angelo