All Forum Posts by: Tom Reynolds

Thomas,

Speak with a realtor or real estate broker, they should be able to steer you toward a competent, experienced realestate attorney.

Luis,

Read that Ultimate Beginner's Guide, listen to all the Podcasts, read and participate in the forum, read the books referred to by the people interviewed in the Podcasts, research all the information available on the BP site....this is a gold mine for the price. Set on your $5500 and add to it to use toward your first venture, after you've educated yourself to the point where your confident to move forward. 

Enjoy the ride,  

Look into the local section 8 program and policies.

Jordan,

You may want to look into the land records for liens, check with the local building department and compare any new renovations with permitting history, check with code compliance for any open cases or history of violations and check with the health department for potential of issues with the septic system. Many times the number of bedrooms have been increased without the benefit of building permits. This is not only a building/zoning violation but may have created a potential failure situation with the septic system. As a new owner, you become responsible for the property and the "violations" that come with it. I come across properties quit often with additions and renovations that have been performed without the required permit(s) and inspection approvals. The work is not only a violation that will transfer to a new owner but in many cases has been poorly done and in some cases it is unsafe.   

Thank you Al for the reference info.

Sean,

This is a question for your local building department. Building permit(s) are required for installations subject to building code(s) and the installation will need to comply with the minimum requirements.

Theresa,

Check with the local building department, code enforcement and the appraiser's office. See if there are records of the property. You may be surprised at what you find.

 I made contact with [email protected] through Bigger Pockets. He is a member/investor who has been helping me work toward purchasing my first investment property. He is located in Melbourne Fla. Give him a call. He may be able to help you. 

Fire damaged property repair, like many other areas of construction is a specialty area. If you will be hiring a contractor for the work you should be looking for someone who has a history performing fire damage repairs. Many insurance companies have contractors they use for fire damage repair. Get estimates from 3 or 4 different contractors and talking with them you will learn a little more from each one. They will be able to give you an idea of the extent of damage without actually getting inside. What they give you will be nothing more that a guesstimate.  But, before I would make an offer I would like the opportunity to review the specific extent of damage and I'm sure any reputable contractor would feel the same way. Be careful not to fall victim to a low ball price and contingency for change orders. What you want is a clear picture of the project from the beginning.

Depending upon the location of the fire and the extent, there are many variables. Along with the obvious burnt structural and cosmetic components, heat from a fire (and in some cases it can be extreme) will have adverse effect on masonry components. It will damage plumbing pipes (especially plastic). The heat from a fire will cause wiring insulation to melt, causing circuits to short, which will then cause resultant damage to associated electrical equipment. If there is ductwork associated with the heating and/cooling systems, that ductwork will retain the smoke smell and will need to be replaced. Fire and water damage usually also effects the insulation, which will also retain that smoke smell. There are paints/coatings available that will seal charred framing members and conceal the smell.

Do a google search on fire damage repair or fire damage restoration procedures.       

Often a property will have a condition or conditions that will not comply with the conventional mortgage guidelines. Usually to qualify for a conventional mortgage for a property with habitable space (a residence, multi-family or some commercial use properties) it is required to be "livable/habitable". This means that if any of the components of the structure, plumbing, electrical or mechanical systems are deficient and will not pass the lenders inspection, it will not qualify for a loan. Usually the seller is aware of the deficiencies, is unwilling to make these changes prior to the sale and will restrict a sale to "cash only". In many cases this can be a relatively simply fix item but if the property has been determined "unlivable" at the time of the inspection and will be in that condition at the time of sale, the loan application will not go through.