All Forum Posts by: Sharma Parth

Thanks Jeff so here is what I understood - 

EZ or construction permit - Step 1

Mechanical permit - Step 2 for the HVAC

Plumbing permit - Step 3 for the new bathroom to add

How long does it take for the town to send someone for the inspection for these 3 permits? E.g. - if it's Day 1 today then will they come on Day 30?

 Thank you

Thank you all

Hi guys!

We are about to close on a property soon in Philly and are planning to do the following work -

-Add HVAC, Add a full bathroom and add a half bathroom, Fix kitchen (keep same layout)

My contractor is saying that (Approach - 1 ) - we don't need to pull permits. We can finish the work in 8 weeks. After that, I can request a CO from the town and then make it easy for me to rent or sell it. (Approach - 2) - He says that if he is asked to pull permits, he is not responsible for any additional work that the inspector may throw (basically more money out of my pocket on the rehab costs). In his experience, for this job he says we don't need a permit and it will only cause more delays.

We are torn between both approaches here.

Cam someone suggest what approach is better? If we don't get a permit then does the inspector for the CO ask for it when he/she comes for inspection? or they just care about the house being "liveable"?

Thank you in advance!

Hi guys - we are about to close on a property soon in Philly and are planning to do the following work -

-Add HVAC, Add a full bathroom and add a half bathroom, Fix kitchen (keep same layout)

My contractor is saying that (Approach - 1 ) - we don't need to pull permits. We can finish the work in 8 weeks. After that, I can request a CO from the town and then make it easy for me to rent or sell it. (Approach - 2) - He says that if he is asked to pull permits, he is not responsible for any additional work that the inspector may throw (basically more money out of my pocket on the rehab costs). In his experience, for this job he says we don't need a permit and it will only cause more delays.

We are torn between both approaches here.

Cam someone suggest what approach is better? If we don't get a permit then does the inspector for the CO ask for it when he/she comes for inspection? or they just care about the house being "liveable"?

Thank you in advance!

Hi guys - we are about to close on a property soon in Philly and are planning to do the following work - 

-Add HVAC, Add a full bathroom and add a half bathroom, Fix kitchen (keep same layout)

My contractor is saying that (Approach - 1 ) - we don't need to pull permits. We can finish the work in 8 weeks. After that, I can request a CO from the town and then make it easy for me to rent or sell it. (Approach - 2) - He says that if he is asked to pull permits, he is not responsible for any additional work that the inspector may throw (basically more money out of my pocket on the rehab costs). In his experience, for this job he says we don't need a permit and it will only cause more delays. 

We are torn between both approaches here.

Cam someone suggest what approach is better? If we don't get a permit then does the inspector for the CO ask for it when he/she comes for inspection? or they just care about the house being "liveable"? 

Thank you in advance!

Hi Dave - can you tell me how you would rank the following markets for a potential BRRRR deal (buy and hold) -

1. Philadelphia, Pennsylvania.

2. Flint, Michigan. or Detroit, Michigan.

3. Norfolk/Hampton/Portsmouth, Virginia.

Thank you

Connor - can you tell me how you would rank the following markets for a potential BRRRR deal (buy and hold) -

1. Philadelphia, Pennsylvania.

2. Flint, Michigan. or Detroit, Michigan.

3. Norfolk/Hampton/Portsmouth, Virginia.

Thank you

 Thank you so much Jason for your feedback.

You seem to be someone who has dealt with multiple investor over the years and this advice is super helpful. I really appreciate this feedback.

I am hoping to be in a buy and hold strategy vs buy and flip (as long as the numbers make sense). I posted this earlier but I also want to ID a good team in the BRRRR process -

1. A good contractor

2. Good lender

3. Title Company

4. A good local real estate agent.

Of course having a back-up to 1-4 above will help too.

Thanks again

Thank you Dave for the amazing advice. I agree with your approach totally and most likely I may end up following that. I am just a little nervous with a buy and hold with concerns if I will get a tenant but then that's on me to do my homework up front. I have identified the following people I need to have in place before I pull the trigger on a BRRRR opportunity

1. A good contractor

2. Good lender

3. Title Company

4. A good local real estate agent.

Of course having a back-up to 1-4 above will help too.

Thanks again