All Forum Posts by: George W.

Not necessarily if it is owner occupied, you can even do a fha for 3.5% or a VA loan for 0%

Maybe meet a contractor who is also an investor. If you're looking to fund a contractor, find a contractor might be looking to make a % on the flip and partner up. Asking around at local supply yards is a good way to find one. The people whom work there know which contractors are relible and clean etc. Also they'd know the type of material and workmanship. I always say a good way to judge someone in trades is by the work vehicle they have. If it's a rusty POS with matrial piled to the roof of the van and a ream of paper on the dashboard with old mc donalds wrappers. Then there work probably reflects that. If it's newer and clean the same probably shows in the work. Talk to your local building dpt. They might be able to tell you whos work they like to inspect. 

Check out the schluter system for a shower like that. The whole inclusure would need a membrane under floor and all wall tiles. It can be done like that. Wouldnt recommend doing a freestanding tub like that though. I would build a knee wall and just do a Roman drop in tub inside of it. Doing the membrane all over the knee wall. Also the floor always gets pitched to the shower drain. 

 It's okay and yes speak to a local architect and they should be able to give you a lot better range for your area. Also I'm sure if you told your architect how much you'd ideally want to spend they could tell you if it's a good budget/accommodate. When building there's also a lot of other costs especially in sitework that aren't realized. Also don't forget about city permits, zoning, land costs, electric gas and sewer tie in costs etc.  So remember that what the architect tells you might just be how much a builder would charge to build the acutal house. I'd figure at least another 25% + what the architect says just to be safe maybe more. Good luck!

On the flipside i think it would be a excellent time to buy GE stock it's the cheapest its been in years and the companies probably not going anywhere soon. I Definitely agree with you about buying only when the numbers make sense though. In my area right now people are buying property for way too much in my opinion.

It depends on municipality. Some codes allow home owner occupants to do their own work. Others do not. general rule of thumb is that if you don't live there you need a licensed professional at least in my state. Especially if it is commercially zoned. Another food for thought is that if you do your own work and something goes wrong, your insurance might not cover it. I've heard of insurance companies refusing to pay out because a home owner did their own electric and burned the home down. 

Is said property in a flood zone? FEMA shouldnt regulate how much you can renovate. Renovation should be controlled by muncipality. Is the first floor below the flood level? Maybe they said that because it is un-insurable?

Maybe talk to an architect if you don't already have one or have plans made up for the property. They might be able to give you an idea how much per square foot it might cost to build. Then see if it's fiesible from there.  

I would look to meet sub contractors at local supply houses (not a box store). You're much more likely to find a contractor who knows the area and types of houses better there. Maybe ask employees of said supply houses who they'd reccemend because who ever they do is probably gonna be better than some random contractor from yellow pages. Ask people you know in the area. Maybe your real estate agent knows a great contractor. Then also check the contractors that you use are licensed for what they do and fully insured. 

you should also check towns website and see if they have a zoning map online. It might even be in a multi-family zoned area already. If not call your township and ask sometimes in my state older multi-family buildings are grandfathered in if they were always appartments. Otherwise getting a variance would be the way to go but has headaches.