All Forum Posts by: Karen Margrave

Curiosity...when looking for cash buyers, what category are you advertising under on CL? RE for sale, Financial Services or ? Because I've had ads deleted under both...

Are there any investors on here that like to invest in medical office buildings? What is your criteria?

J is right, you have to disclose it. You should check with the City/County building department and verify if a permit was pulled for the work. If not, you can A.Tear down addition, B. Apply for permit, and bring up to code. (if it was built to code, it could be as simple as paying permit fees and having it inspected), but, find out!

It depends on the area of the country you live. There's no one size fits all markets. I think you want to know, and find lenders that KNOW the market you're in for starters. Southern California is still expensive, and the margins aren't the same as in other areas. I know others have said that about their states too.

With no experience you should definitely get a home inspection by a LICENSED contractor. For your first deals, go with a cosmetic fixer needing cleaning, paint, new lighting fixtures, faucets, and appliances would probably be the extent of what you should try, (have flooring measured and installed by sub, and any gas appliances!) but... as with everything, you need to know what you know, and hire what you don't. Most important, don't invest more than what you can afford to lose! CHECK REFERENCES.

Somewhere on TV today I heard someone make the comment that he was the Thomas Edison of our day, I have to agree. What a loss for all of us.

It depends on how extensive the work is, and how competent you are in knowing building codes, etc. Hiring a good general contractor that will oversee work with the subs will usually save money in the long run. We know what we're doing, which saves time, meaning saving interest on loans, etc. Either way, make progress payments based on the amount of work being done.

Hire a PM that is a Licensed General Contractor. Also, though some areas allow you to build as an owner/builder, most lenders want a licensed contractor on the job making sure everything is done as it should be, and it's well worth it.

Chris, you might want to go talk to the building department and find out what they know about work done, see if it was done with permits, etc., make sure there's no issues with them that will need to be dealt with.

We're been doing real estate and construction for over 25 years; and are just starting to get educated on foreclosures. There's a lot to them, and you want to know what you're doing before jumping in, and BP is a good place to start. Maybe you can find someone that knows the ropes and go in on a deal with them to learn?