Renovating a BRRRR rental property PRIOR to closing?

[Mike B.]

Hi all Looking for someone who’s been through this before and can give advice. I’m under contract for a private purchase of a SFH in South Philly. Seller is great to work with and super flexible. We close in a month. Anyway I would like to do some renovations to the home now (cosmetics only.. exterior work mainly) and also start working on kitchen and bath cosmetic updates. I would do this before closing mid October. The idea is to get this rent ready faster then usual and avoid trying to rent this mid holiday season. Has anyone done this before and if so, did you draw up some type of contract that allows you to do the work and get paid back if you didn’t close? We don’t foresee any issues. only concern Is tItle sInce Its In hIs moms name. However POA (her son Im dealong wIth) already went to cIty hall and did Probate paperwork to transfer deed Into hIs name, whIch I have a copy of paperworK confIrmIng thIs. Home is an AS IS purchase (grandmas house) Closing in a month, I’m cleared for financing Seller VERBALLY agreed to letting me do some work needed already for closing (new roof). Thoughts/recs? Thanks in advance

[Lauren B.]

@Mike B. No. Don’t do it. You won’t get your money back if it dosent close. Just wait. Not worth risk.