All Forum Posts by: Teresa Keith

@J. Scott: Thank you so much for this information, I did not know the plumber and HVAC company has to pull work permits. But, the rehab. is not in Gwinnett county, its in SW Atlanta - West End area (I think this area falls under Fulton). Have you rehabbed here in the Atlanta area before?

@Bryan L.: Thank you for sharing your information, I'm glad you mentioned about the HVAC guy probably does not pull permits; gives me something additional to go by and to research for my area.

Thanks again, all :-)

@ Wayne Brooks: Thank your help, I will definately look into the electrical, plumbing & HVAC permits, and will check to see if I need the for the bathrooms and kitchens.

@Mark Fischer, you asked:

1. Have you already purchased this property: Yes, the property has been purchased by a foreign investor who we are doing the work for.

2. What is your total estimated cost of rehabbing?: After, coming up with my project plan, the estimate budget for the rehab is approx. 32k.

3. What kind of rent do you expect from the house? I need to find out from the investor about this one...thanks for asking.

4. Was the purchasing price low enough to make up for what sounds like pretty extensive (and usually expensive) renovations? Yes, the purchase price was 10k. My plan calls for inexpensive, but durable materials like linoleum flooring the bathrooms and kitchen.

5. Are you holding this property or planning to sell it off after the rehab is finished? The investor plans to rent it out, but we are going to propose to sell it.

6. You mentioned that the property is located in a lower income neighborhood and has been vandalized before. Are you taking any precautions to secure your investment while your rehabbing takes place? I would hate to see you put in brand new copper piping and have it all stolen overnight.

One of our major milestones is to secure the premise. This will include boarding up the windows,and getting deadbolt locks for the front and back doors.

Thanks all, for your questions and answers. Keep them coming.

Hello all...

I am working on my first rehab project and have a few questions I hope you seasoned investors will answer. The project is for a duplex built in 1920; both units have 2 bedrooms, 1 bathroom, and of course a living room and kitchen. It is in a low-income area, and was vandalized.

Both units need rewiring, and plumbing. Both bathrooms need to be gutted down to the studs, and the kitchen in the first unit needs to be gutted down to the studs. Furthermore, the ceiling above the atticin one of the bedrooms in the first unit was cut out, and the HVAC was removed from the vandalism.

The hardwood in both units look good enough just to refinish them. We also need to paint the interior and exterior of the duplex. The major lawn work is to trim the branches off of a tree in the back yard that is hanging over the duplex. Oh, and the first unit has a small deck off the kitchen that looks like rotten wood.

My question is: should I look into getting permits? If so,what kind of permits do you think I will need, and how do I go about getting them?

Thanks!

Omg...the last person I addressed above meant to be for Miny Jenson...sorry about that.

@Engelo Lumora: Hi, thank you for your advice; this is helpful.

@Many Cirino: Thanks for you suggestions. After I put my proposal together, the some of main things that stood out as major is the electrical and plumbing. Also, we are going to use Linoleum in the kitchens and bathrooms; the hard wood throughout the rest of the units are salvageable, and can be refinished cheaply (they look pretty good).

@Engelo Lumora: Hey, I appreciate your questions and comments. I am going to check with the county about the lead paint; this is a 1920's home and I need to know the legal way to get it removed if there is lead. Also, I guess I should have said that the hardwood will be "refinished" because it is in really good condition which makes that labor cheaper than replacing in this case. Furthermore, the kitchen in unit 2 was badly vandalized and there is a lot of rot going on. The walls do not have minor holes in them, you can see severe damage (same with the floor). Also, for the landscape we are going to just trim everything down, and clean it up with a good mowing. Finally, the wood from the small balcony off the kitchen has a lot of rot, and is not safe at all, needs to come down and built back up. BTW: You were not being the devil's advocate with your questions, they made me think to make sure I am doing the right thing.

Thanks all, keep the comments and suggestions coming :-)

Hi, Rolanda...

I am admired by your business endeavors. Its good to see strong women in the investment world. If you look under "Resources", the last link is for "BP Recommends", that link will take you to BP Perks page where you can find information on creating a free website.

Hello, BP Investors!

I have a great mentor who I met from right here on BP, and he hired me to project manage a duplex renovation for future rentals. It was purchased by a foreign investor in Hong Kong who asked my investor/mentor to flip the property for her. He told her that I (me) will be project managing the renovation (yay).

The duplex is located in a lower income area, and it was vandiliized. So far today we did a walk-through and I got an inventory of what needs to be done to make it a decent rental. The next thing I will be doing is creating a project plan and budget spread over a 12 week period. I will come back here and periodically give you all an update on how I'm doing each week.

Here is a brief summary of what I gathered from the walk-through (applies to both units unless specified):

Get paint inspected for lead on the exterior, Repurpose hardwood floors, Replace all windows then board them up, Replace back door (unit 1), Full rehab in bathroom, Fix electrical panel in kitchen, Gut all walls and floor in kitchen down to the studs (unit 2), Repair hole in bedroom ceiling (unit 2), Add appliances and countertops, Replace hot water heaters, Rewire outlets, Add air conditioning unit, Fix plumbing in kitchen and bathroom, Paint entire house inside/out, Work on Landscape in the back, clean roof and gutters, add down spouts for gutters, add gas meters, and gut and redo the small balcony off the kitchen.

I would appreciate it very much if you seasoned investors will give me your input, suggestions/advice, and comments. You are more than welcome to chime in, getting different perspectives will help me out a lot.

Thanks!

Hello, BP Investors!

I have a great mentor who I met from right here on BP, and he hired me to project manage a duplex renovation for future rentals. It was purchased by a foreign investor in Hong Kong who asked my investor/mentor to flip the property for her. He told her that I (me) will be project managing the renovation (yay).

The duplex is located in a lower income area, and it was vandiliized. So far today we did a walk-through and I got an inventory of what needs to be done to make it a decent rental. The next thing I will be doing is creating a project plan and budget spread over a 12 week period. I will come back here and periodically give you all an update on how I'm doing each week.

Here is a brief summary of what I gathered from the walk-through (applies to both units unless specified):

Get paint inspected for lead on the exterior, Repurpose hardwood floors, Replace all windows then board them up, Replace back door (unit 1), Full rehab in bathroom, Fix electrical panel in kitchen, Gut all walls and floor in kitchen down to the studs (unit 2), Repair hole in bedroom ceiling (unit 2), Add appliances and countertops, Replace hot water heaters, Rewire outlets, Add air conditioning unit, Fix plumbing in kitchen and bathroom, Paint entire house inside/out, Work on Landscape in the back, clean roof and gutters, add down spouts for gutters, add gas meters, and gut and redo the small balcony off the kitchen.

I would appreciate it very much if you seasoned investors will give me your input, suggestions/advice, and comments. You are more than welcome to chime in, getting different perspectives will help me out a lot.

Thanks!

Hi, BP Investors...

Just wondering what does an investor expect out of a person who starts out as a Bird Dog. I know that may vary per investor expectations, so I just want to get some ideas going. Thanks.

@Thomas Mitchell...

Love the story, and I love how you give honor and glory to the Heavenly Father. Makes me feel good. Thanks for sharing.