Demo/Income stats?

Now im in the process of demo and rehab of this unit.

I'll start with the down and dirty facts:Property has two duplexes (4 units) but one building is uninhabitable and will be demolished next week.I purchased using LLC partly for liability and also because lender required it.because of condemned building, banks and mortgage companies wouldn't touch it so I found a private lender and got some pretty expensive money for 90 days. sale price $70k, wrapped in $7.5k of demo for total loan of $77.5k, paid cash for closing and asbestos abatement ($4k and $3k)previous appraisals came in $106k for land, $40k for building, appraisal for closing came in significantly less at $93k assuming the building has been demolished. 

Started the demo on the existing house at the end of August 2016 and got our certificate of use and occupancy in the middle of April 2017.We were on budget until 75% of the project was complete.

Many houses like that are becoming nice greenspaces as the demo projects catch up.

Go to their website and watch their free demo.

Just a suggestion but maybe you can use him for the more detail oriented work (like finish carpentry) and hire out the grunt, less skilled work (like demo and rough in framing) to a younger, cheaper contractor.

Just wanted to post a warning out there they have a demo version and if you forget to unsubscribe they'll just continue to take your money.They also don't make it easy to unsubscribe, you need to contact them and have a human do it.Pretty shady business tactic IMO.

There is no inspections until the demo is complete and the new work is ready for the rough plumbing, electrical, HVAC and then framing.

This property is going to need a permit for demo and structural work.