All Forum Posts by: James Little

Philippe- In terms of large assets I would venture to guess the "future buyers" of a resale would be able to uncover the end of a PILOT program in their due diligence period. Once the 2 years of PILOT were up it would have a drastic effect on NOI. If I were a "prospective buyer" looking at that instance, I would try to leverage it against you in negotiations. Respectfully, James

Not sure about your jurisdiction; however, in Memphis if you pull out more than 40% of the drywall you are required by code to re-wire the entire house and bring it entirely up to new construction standard. This can be a budget killer to people in lower end housing. But if you are already going to re-wire the whole thing then no big deal! James

@Grayson Grimes Welcome! I moved from Cookeville to Memphis just last year. Miss that town quite a bit.

James

Not my first rehab. But this is the first with this many permits having to be pulled.

James 

Closing on a house here soon that is going to need significant work. Scope of work will include: New roof & rear soffit, self contained HVAC unit, new supply plumbing (stolen copper), new cabinets, updated finishes in the kitchen & house, lots of drywall & paint, and maybe a new window here & there. I know I will have to have inspections for gas and electrical to have the power and a meter hooked back up. But what about the rest of the work? Do I pull one permit for the whole project or separate ones for roof, HVAC, and plumbing? Trying to keep this process as painless as possible and preferably I would want to pull the permit myself vs the subs doing it. How does this work with Memphis code?

Thanks,

James

Elizabeth Wilson Lauren C. I've got 2 under contract right now that have been disconnected for over a year so this will be interesting! Thanks for the help!

What other things will be needed to be tested by the code enforcement after a property has been out of service for over a year?

Jared Saunders what did you use to prep for the GC license test?

@Jeff Stansberry you need to do some research on "frayser" and that zip code before you buy.

@Jeff StansberryDoes the 53k include the rehab costs? 

Do you know who is doing your remodel? Verify your turn-key provider.

Do you know about that part of town? (Frayser)

Generally speaking out of state investors and houses in frayser do not mix...