Real Estate Investing Tips: Permits, House Hacks, and Renovation Strategies
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On this episode of BiggerPockets, the team delves into the fiery world of real estate investing debates. They tackle burning questions on purchasing properties sans proper permits, dissecting house hack deals, estimating rehab expenses, and overseeing renovations from afar. The crew jumps into a forum user's dilemma regarding a multifamily home in upstate New York with unpermitted work, stressing the criticality of retroactively securing permits for legal and future project considerations. They advocate for engaging with code enforcement and understanding the scope of work before committing to the purchase, shedding light on the potential risks associated with unpermitted units and proposing strategies like including a permitting contingency in the contract.
Transitioning to the realm of analyzing duplex house hack deals, the team provides insights on leveraging BiggerPockets calculators, estimating insurance costs, and tapping into the wisdom of forums and local investors for guidance. Emphasizing the significance of practice, networking, and exploring additional income streams such as renting out spare bedrooms to bolster financial resilience, they equip aspiring investors with tools to navigate the complex landscape of real estate investments. The discussion underscores the value of seeking constructive criticism and feedback early on to avoid pitfalls down the road, fostering a supportive environment for learning and growth within the real estate community.
Image copyright Youtube
Image copyright Youtube
Image copyright Youtube
Image copyright Youtube
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