Top Ten Screw-Ups Real Estate Investors Make
When they Analyze & / or Rehab a House
As a Kansas City Metro area General Contractor, Robert Massey, has renovated homes for Real Estate Investors as well as completed several projects for himself. Over and over again he sees people making the same mistakes due to a lack of knowledge.
Some of the most costly mistakes are not knowing what the rules are when you are analyzing a property to purchase and renovate or when unknowingly buying another persons mistakes.
Have you ever bought a house with a brand new roof that should not cost you anything at least in roofing? What if that brand new roof was installed over too many layers of old roof. Will the codes inspector ok that? Will the insurance company insure that? Buy this mistake and it could cost you $5000 to $10,000 to tear off that band new roof and replace it.
Have you ever purchased a house with a 3 year old furnace that works great? Did the city require a permit to install that new furnace? Was that furance install permitted? What do you do if your electricial does work that needs a permit and an inspection to approve the work in this same house and sees the unpermitted furnace? Well, if you are lucky you can find the company that installed the furace and they will stand by their work and go back and get a permit and an inspection, so it cost you nothing but a week or so of time.
There are a lot of mistakes that investors and homeowners make because either they don’t know or they are trying to save money by using a cheaper contractor that cuts corners. But someone is going to pay down the road, and usually it’s the real estate investor that owns the house when they rip it apart to put it back together again.
So, do yourself a favor, a come join Robert for 90 minutes at the May MAREI Meeting on Tuesday the 9th where Robert will share some of the mistakes het has seen, a few he has made, and many that he has had to fix. Be sure to bring business cards for networking and something to take notes as Robert will have a lot of information you will want to write down.
As always, Networking starts at 6pm, announcements are at 7:00 and Robert starts at 7:15. MAREI Members can attend the event at no charge and Non-Members can Register Online for $15 or pay $25.00 at the door. Be sure to bring your business cards and flyers and join us for an evening of real estate deals, vendors, networking, education and fun! See you there! RSVP Now!
Tuesday holds 1 Credits for your Professional Housing Provider Designation at MAREI. Must be a member of MAREI to receive PHP Credit.