Hi Guys,
Looking at a fire damaged property
I have NO expirience with “fire” damage – but of course the first thing i would do is get a building inspector to go right through the thing and tell me yay or nay in regards to his opinion. Maybe even a couple of builders and get some thoughts.
However – I’m actually relatively “Handy” myself and apart from perhaps the things that really need to be done right (engineering/roofing etc) – I’d almost be tempted to have a go at doing a lot of it myself.
But anyway – i just don’t know how difficult it is to get something fire damaged approved to become a rental and other things.
Any body with expirience in turning over a Fire damaged place – your opinions would be helpful
ThanksNathan Birch is your man – https://www.propertyinvesting.com/forums/property-investing/general-property/4343429
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I would suggest that if you have no experience with structural renovations or domestic construction, then renovating a fire damaged property maight be a bit ambitious. Even if you get a builder to do the work for you, how do you know that they are doing it right? Or that you are getting a reasonable quote? I don't know the guy but from what I have read and seen on youtube, Nathan Birch makes money because he pays guys an hourly rate and makes sure they are working all the time and not taking the piss by slacking off or by charging a fixed fee (which always have some 'fat' in them!!). And I imagine he also knows what he is doing when it comes to structural renovations so he knows what the builder will need to do before he gets them in to have a look.
A fire damaged house might be ok structurally and just need new plasterboard, or it might need to be demolished and built from scratch. If you don't know what you are looking at or looking for, I can't see how you can make it work.
Just my opinion though.
Cheers,
LukeAgreed with Luke,
First thing to check is if the structure is sound. If the fire gets through the gyprock ceiling you will likely need a new roof as the rafters and hanging beams might be burnt. If there is any chance of salvaging and rebuilding as long as you buy at the right price you can definetly make money.
EngeloRumora | Ohio Cashflow
http://ohiocashflow.com/
Email Me | Phone MeF@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST
I've done a few renos and one fire damaged one (not structural).
I'd suggest starting with a basic reno first. eg paint, carpet, maybe new vanity, toilet, maybe even a new kitchen before tackling a fire damaged property.Having some basic experience under your belt gives you the experience to deal with the extra issues associated with fire damage (water, smoke etc).
I definately would not recommend a fire damaged house with structural issues unless you have had experience in renovations.
There's also the issue of insurance and getting a loan. It's not that easy. As soon as the bank sees "fire damaged" on the contract there are issues. Not impossible but as a newby???duplicate
Jamie M wrote:Nathan Birch is your man – https://www.propertyinvesting.com/forums/property-investing/general-property/4343429Cheers
Jamie
I alos suggest checking out one of Nathan Birch's youtube vids which I recently watched. In it, you see the before and after pics of a burnt house that he totally transforms. I was totally amazed watching it actually
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