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Flipping Houses For Dummies. Ralph R. Roberts
Читать онлайн.Название Flipping Houses For Dummies
Год выпуска 0
isbn 9781119861034
Автор произведения Ralph R. Roberts
Жанр Недвижимость
Издательство John Wiley & Sons Limited
Poor plumbing or aging septic systems, especially if the house has been vacant for some time
Leaking, nonfunctioning, or nonexistent gas lines
Poorly functioning furnace or central air conditioning units
Leaking or ramshackle roof
Termite or other critter damage
Health hazards, such as lead-based paint, toxic mold, radon gas, asbestos, and hazardous insulation
Neighboring structures built on your property — always check the survey to make sure that the homeowner didn’t allow the neighbor to build a new garage ten feet over on your property
In a seller’s market, a home inspection contingency can backfire on you. If the seller receives two comparable offers, one of which waives the inspection, guess which one the seller will accept? Yes, it’s the one without the contingency. In lieu of having a professional inspection, have your contractor or handyperson look at the house with you when you go to see it.
If a team of city inspectors isn’t an option, have your contractor do a walk-through. Having someone inspect the home who can personally make the fixes is best, assuming that the person is trustworthy — you don’t want a contractor who recommends upgrades merely to keep the work crew busy and jack up your costs. The goal of the inspector should be to recommend repairs that make the house marketable and not overlook any major/costly defects.
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. When you have a few leads, contact your candidates and ask them the following questions:
Are you certified, licensed, and insured? Certification and licensing ensure that the inspector has the basic qualifications for the job. Insurance covers any serious overlooked defects.
How long have you been a home inspector? Length of service is often, but not always, a good indication of experience and expertise.
How many homes have you inspected? “One or two” isn’t the answer you’re looking for. A busy home inspector is usually busy as a result of being good.
What did you do before becoming a home inspector? Someone who’s a retired carpenter or home builder is probably a better candidate than, say, a burned-out dance instructor.
Do you have references I can call? If the inspector has a good track record, people don’t hesitate to provide positive references.
Do you recommend remedies or simply identify problems? Look for an inspector who’s had experience in construction. The builder who constructed my home made an excellent home inspector and actually moved into this field full-time. His approach was to not only point out problems but also recommend repairs and renovations.
Also, never hire a family member or friend as a home inspector — even if qualified — because that person will become The Expert and tell you what you’re doing right and wrong, without fully understanding the project and what you’re trying to accomplish.
Calling In Your Rehab Team
When flipping a house, you can do as much of the fixing up as you’re qualified, comfortable, and willing to do. (See Chapter 14 for details on distinguishing between do-it-yourself projects and hire-a-pro projects.) For those hire-a-pro projects, hire a contractor or subcontractor:
A contractor (or general contractor) is the boss. This person manages the budget and workflow, hires subcontractors, coordinates the work from start to finish, and hands you the bill.
Subcontractors perform specific tasks, such as wiring, plumbing, and installing ductwork. When you hire a subcontractor to do a specific job, you’re acting as the contractor yourself.
Chapter 4
Securing the Funds to Fuel Your Flips
IN THIS CHAPTER