Archive for the ‘Rehabbing’ Category

Trying to Push Home Value Higher and Worried About it Appraising? Do This…

If you are worried about the appraisal coming in low because of FHA guidelines or pushing higher end value, you can help your cause by leaving a list of all of the upgrades done to the home on the kitchen table after you have the home under contract. But do NOT put the cost of […]

Rehab Plans Under Review with Govt? Better Do This…

If your rehab plans are large enough where they need review by the government (DCRA in Washington DC), make sure to follow up with the government directly to see where it is in the process, especially if it is relatively late in the ‘comment’ or review process. Always ask how long it will take when […]

Make Sure to Factor This Cost if You Have a Roof Leak

Replacing an old roof is one thing… replace a LEAKING roof is another thing. Factor in the price of replacing sheets of plywood under the shingles themselves (size and leak dependent… about $1500 average in DC area). A significant expense on top of the cost of the roof itself ($6-10K average in DC area). Make […]

End of Year Tax Tip for Rehabbers

Rehabbers have lots of HUDs and expenses to handle tax time. Want to get it done with less stress on you and your accountant? Send your accountant everything IN NOV AND DEC, when they don’t have much work going on. Waiting until you have ALL of your information in Fed/Mar and then handling it to […]

Make Sure to Check This if Owner is Behind on Payments

If an owner is behind on payments, they’ll typically tell you what they owe on it and what is needed to bring it current. But owners and investors often overlook condo or HOA dues that are typically also behind and need to be caught up and considered as well… especially if you are taking over […]

What To Do If Your FHA End Buyer’s Financing is Falling Through

One way you can salvage some good out of a bad situation of your end FHA buyer not going to closing is to get the home inspection report from that buyer and advertising that you have a home inspection report available for all future prospective buyers. It becomes a win/win because it will save the […]

When an Investor Should Price Drop Near the Holidays

When should you price drop? Ultimately, I think its best to do it ‘unemotionally’ every two weeks to the next ‘significant price point’ until it sells. The only time you would modify this is if you are approaching a slow period (i.e. Thanksgiving in the North East). You will want to more aggressively price drop […]

Setting Closing Date When Buying A Rental

When buying or wholesaling a rental that you want to purchase it ‘vacant’, make sure to put the closing date that gives you time to give the tenant 30 day notice… So the date needs to be about 35-55 days out (depending on contract and end of next month date). Watch the video for details. […]

Choosing Flooring of a Rowhome Basement

When installing flooring in a basement with small sqft, consider installing tile (especially if the basement has ever taken on water). It won’t get destroyed like carpet will and they have very nice styles (even some that look identical to hardwood). If trying to match it to hardwood, error on the side of being slightly […]

Make Sure Your Contractor Does This When Ordering Tile

Make sure your contractor orders TOO MUCH TILE when redoing a bathroom. Why? Tile can vary slightly from pallet to pallet as it comes out of the mountain. If you have to go back to order more, you could be buying tile that might be noticeably different in color when you go to install it. […]