Does your rental property need some updating? Maybe you’re buying a house with unpermitted work, and you’ve got to go back and fix a few problems. Or, this could be your first home renovation as you try to squeeze some sweat equity out of your property. Regardless of your situation, if you’re planning a home renovation, you’ll need to know how to do a few things: build a scope of work, pull permits, manage contractors, and ensure the job is actually getting done. We’ll help you do all of those today!
We’re taking questions from the BiggerPockets Forums today and answering topics like:
What to do when your home has unpermitted renovations
How to analyze your first rental property or house hack
How to build a scope of work to ensure you get the HIGHEST appraisal value
The best way to check in on renovations, especially if you’re investing out-of-state
Some of these seem tricky if you’re a first-time investor, but don’t worry, ANYONE (even a newbie) can handle a home renovation IF you take the right steps and follow our suggestions.
In This Episode We Cover:
Should you EVER buy a house with unpermitted renovations? And how to get permits retroactively
How to analyze your first rental property (or house hack) to make sure it’ll pencil out
Building a scope of work (SOW) so you have a bullet-proof renovation plan
How to check in on your home renovation if you’re investing from a distance
The one contract contingency to add IF you’re worried about renovations the seller made
And So Much More!
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How to Renovate a House—Whether You’re Renting, Flipping, or Moving In
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