7 Smart Strategies for Bathroom Remodeling By: John Riha Here’s how to get the bathroom of your dreams without making your budget a nightmare. A bathroom remodel is a solid investment, according
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In these difficult times it is good to be resourceful in exploring ways to keep employed. As a local mortgage lender in Riverside, I, too, am interested in finding investors who buy and flip properties. I can help them by helping the new buyers arrange for a new mortgage to finance their purchase, even if it is within the first 90 days of the investor's ownership.
I suggest you call around to a few large real estate offices and ask the office manager to direct you to their top agent who has a track record for working with that kind of investor and then ask the realtor. I will also email you with a few leads for you to pursue.
Kevin... more
John
The square footage of the house does include the garage or carport for percent improvement computations, but not for living area. Contact the Riverside Dept of Building and Safety for applicable codes. In most areas there is a limited ratio of improved to unimproved.
For example, in Glendale you can improve up to 36%, which includes the garage. So if the house was 1600 sf, the garage was 400 sf, that 2,000, if the lot was 6,000, you are at 33% already.... more
John:
Coming from a background which includes construction, real estate investing and real estate consulting I would recommend the following. Of course, you would want to check with your county / city building department and tax assessor regarding the advantages of new construction over remodel, as this is just my personal experience:
1. If you plan to live in the home then do a remodel / addition (this would include a total rebuild with one corner of the existing foundation being retained) as this may minimize the property tax implications of the construction and also the plan check and city fees. This way you end up living in a home of your dreams and making, not making do with something someone else liked.
2. If you do plan on living in the home, you might want to look into an FHA 203K - remodel / rennovation loan. This would require a minimal out of pocket expenditure for the work, although it would require FHA inspections (which can be a bit tough at times). The good news, the work will be done well, as FHA is pretty strict on their inspections.
3. If you just intend to rent it out, then do a little cosmetic fix up to make it attractive, minimize your out of pocket expenses, and maximize your rents.
Hope this helps you think through the process. Dare to Dream.
Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty... more