All Forum Posts by: Christopher Wand

Good Afternoon Jeff,

Glad to see someone else in the local market that's willing to take the plunge. I'd be glad to share any information I can about my experience. I've been able to purchase two rentals so far. I've been apart of some rehabs but, never done one where I'm the lead.

I'm in the Riverview/ Tampa market as well.

Good Afternoon Irfan,

The short answer as to "fully level" and ARV. (NO)

Long answer assuming you already own this property. I've worked on several raised foundation older homes and the floors are never perfectly level (.03" or less). The report from the structural Engineer will be sufficient in the end assuming anyone can perceive the house being out of level in any specific areas. Once you've leveled the house if there's tile you have the ability to "shim any severe areas or adjust the flooring slightly. All in all this is a common problem with 30+yr old homes with raised foundations. I'd be careful on choosing how to repair this as it will affect flooring (tile and wood), doorways, and like you already mentioned some plumbing which may be tied down. I'd go back and ask the Engineer what is perceived as level and how far out will we be at the end result? Is it worth all the damage that will be caused by this repair? 

Good luck hopefully this only affects certain areas and will be relatively minor.

Thats tricky in terms of holding costs for that year, because the way I'd cover a lot of that is with a tax lawyer. There are a lot of deductions if you're willing to reside in it. Plus, as you're stating it seems that your reno is going to take a much longer time than a traditional one with a small construction crew.

Short answer in my opinion, no.

Longer answer: if you believe it will be longer than 6 months then you should really think of alternative ways to hold. Especially in your area whether it be AirBNB or some other form of vacation rental to suppliment the mortgage costs. If you were able to live thru 6 months of reno work you might be willing to do this extra work to avoid the capital gains tax at the end of the year. Plus, you could write off a substantial amount of the renovation if you involve a tax specialist.

Hope that helps a bit. It's my opinion.

When you're trying to come up with Win/Win opportunities like that I'd focus on trying to discuss them holding, which means you won't be out any money upfront for buying the property. The renovation which will hopefully be a number you could go to the table with and discuss exit strategies such as selling a finished property that the market is looking for and splitting the profits (minus whatever holding and reno financing you incur).

Well, my advice is start slow which it sounds like you have the slow portion down... This is only with respect to tackling the things with the biggest impact and lowest cost first. Exterior landscape and paint. The items which will go a long way but, not be financially draining and can be completed in a week. This way if it takes you a while to save for the larger items they won't be out dated by the time you're done with the reno.

I'm curious as well @Jim Huber. I'm in Tampa, Fl. similar situation and I'd like to know if you ever found an answer or if you just went back to the mortgage company and went through their hoops?

Be confident in your decisions. If you're getting replies and frequently then you're doing everything correctly. There are always forums that can get out of control for one reason or another, take it as the petty unprofessional trying to release their negativity.

Currently I have 1 investment property and I'm looking for more. I've been on the  repairs side for a few years now and I'm ready to get in the game all the way.

Hoping to learn and connect with others who are in the same field and could help out in any fashion.