All Forum Posts by: Michael Evans

Sounds great, thanks Emre 

Why not just refinish the oak floor? Do you realize how much oak flooring costs especially solid oak?

Make sure it is securely fastened to the joists and there is not dry rot or termite infestation underneath first.

You need to check with the City Planning department to see what the allowable lot coverage is for your property which is usually a percentage figure. 

You take existing lot square foot number and multiply by the allowable percentage and it will give you the total allowable lot coverage. 

Then subtract your existing structures square footage and that will tell you how much more you can build.

Every City is different so be sure you get the facts straight from yours.

Hope this helps

General Contractor looking to partner with investors on rehabs, buy and hold or flips. Coachella Valley CA

Thank you,

Mike Evans

or add a loan contingency in your purchase offer

what will you do with the vacant lot after demo? Can you build a spec house and sell separately? I'm sure if you can sell the new house by itself as a SFR, you can find a lender that would do the deal.

You need to put together a proforma to take to lenders that includes all costs and proposed comps in your market.

Good luck 

Look for seller financing, 18-24 months. They get monthly payments at good interest, you get a deal with no bank in the middle

rehab and refinance

You don't need to pay an engineer until you get it under contract and need to remove the contingency. Get a couple of bids to do the repairs first

It might be a good learning experience to get it under contract with an inspection contingency. You could probably get a couple contractors to give you a free estimates and then at least you would have something solid to get the seller to credit the repairs.