Renovation Of My Foreclosure Property Essay

1588 words - 6 pages

If I were able to acquire $150,000 in cash in order to repair and revamp a distressed real estate foreclosure, I believe that I would be able to update and renovate the house up in a manner that would increase the value of the property tenfold. I have been blessed to be born into a family that has inherent knowledge about how to repair and what to do. My father is a sculptor and owns multiple tools and machines that I would be able to rent at a much lower rate than those from a hardware store such as Home Depot or Lowe’s. My mother is a broker that would be able to inform me of what inspectors to turn to for advice, and she would also be able to help me in order to get the best results for the least amount of money. My oldest brother has been an apprentice to my father ever since I could remember. He has traveled with my father to foreign countries to help with my father’s art installations and has also taken up sculpting on his own. Both my father and brother have taken welding classes and have that in addition to the vast construction knowledge my father began his career on. My other brother has worked for my father as well, in addition to working full time at a hardware store as a manager, and now has begun being a handy man for a few duplexes and has been able to start and complete small scale renovation projects that have come his way.
To begin the renovation of my foreclosure property, I would begin with a full inspection of the property to correctly asses the ultimate needs of the property as well as other cosmetic fixes that I could possibly be able to correct. After having the invasive inspection done, I would then sit down with my renovation team in order to break down what needs to happen first. Luckily, I have two brothers are not only very handy around the house but one has worked in a hardware store. Assuming that the foundation wasn’t laid properly the first time around, I would have to try and figure out how I would be able to repair the foundation at a low cost. I am fortunate enough that my father also has a bobcat, forklift, gooseneck trailer, as well as knowledge on the matter of pouring foundation. I would bring him in for an assessment fee in which he would be able to inform me if the foundation is beyond repair or if I would be able to utilize the resources that I have behind me in order to repair it. If I am able to repair the damage done, then I would begin with that because without a solid foundation, the rest of the house wouldn’t be able to be repaired nor renovated. Before breaking ground, of course, I would also make sure that there is no lead paint, nor asbestos in the house, because that would then be a larger expense than I would prefer to deal with. I would also make sure to look over the inspection to ensure that the plumbing and electricity (wires, fuse boxes, light switches, water heaters, etc.) are all in good condition.
Once the full assessment is completed, I would then be able to look around to find...

Find Another Essay On Renovation of My Foreclosure Property


1072 words - 4 pages HOW I WOULD FIX THE FORECLOSURE CRISIS First let me say that I have been through a foreclosure. I give you this disclaimer because some of my views may seem harsh, but they are born from experience not from a holier than though attitude. Having been through a foreclosure, I can tell you that most financial institutions, and many people, do not look at those in foreclosure as victims, but most are. Yes there are those that abuse the system

Solving the Foreclosure Crisis Essay

1157 words - 5 pages sooner the government realizes that this crisis will get worse before it gets better (, the sooner the foreclosure crisis will end. Speaking of putting an end to things, that is just what foreclosure does. According to Investor Words online, the legal process by which an owner's right to a property is terminated, usually due to default, is foreclosure’s proper connotation defined

How to Solve the Foreclosure Crisis

1375 words - 6 pages true value of the property as a whole. The government should continue to educate first-time homebuyers through offering more programs to raise awareness of the financial responsibilities of purchasing a home. I believe that if individuals, bank corporations and government would simply take responsibility for their actions, the foreclosure crisis will see its end.

How to Solve the Foreclosure Crisis

1365 words - 5 pages lay your head. Protection of life, liberty and property, and provisions of health, safety and welfare are ideals that uphold morality in America. A house divided against itself cannot stand. Foreclosures seek to ravage one of the basic necessities of humans. We, this great nation, must do all we can while this occurs. The foreclosure crisis can be solved through empathy, education and regulation. The most important thing in life is to decide

Foreclosure Crisis - Proposed Plan to Stabilize and Elevate the Housing Economy

1110 words - 4 pages Thomas Jefferson once stated, "If Americans ever allow banks to control the issue of their currency, first by inflation and then by deflation, the banks will deprive the people of all property until their children will wake up homeless." Although Jefferson’s accusation seems ludicrous at first glance, today’s foreclosure crisis lends itself well to such resonant words. The current disarray of the United States’ economy and housing market is

Solving the Foreclosure Crisis

1824 words - 7 pages For many Americans, the foreclosure crisis was a news story on TV. For others, the crisis was a national problem to be pondered “in theory.” In my case, however, the foreclosure crisis was personal and real. In 2003, in the midst of closing my failing African American bookstore in Denver, I defaulted on my home mortgage – finding myself the target of a foreclosure process, but also of predatory lenders and investors prowling my inner-city

Foreclosure Crisis Management Plan

2333 words - 9 pages homeowner to avoid foreclosure and give them the opportunity to service a newly modified loan. Such a modification is not free however. Since the government is taking on extraordinary means to prevent foreclosures, it must be compensated to avoid creating a moral hazard. In exchange for providing loan modification assistance, the government would retain partial ownership in the home in the form of a lien against the property that would automatically

Proposed Remedy for the Foreclosure Problem in America

1265 words - 5 pages properties. A homeowner's property will be foreclosed if the homeowner defaults on the monthly mortgage payment. Today, the foreclosure problem is now a epidemic in the American housing economy. Like the rest of the world, the American economy is in recession too, which has made matters worse for people. The Obama administration has offered a rescue plan for this epidemic through its loan modifications foreclosure-prevention programme. This rescue

A Solution To the Foreclosure Crisis

1035 words - 4 pages , similar to what Roosevelt did with the “bank holiday” during the Great Depression. The root of the foreclosure problem is that people who should be living in homes valued at $200,000 or lower are living in over $500,000 homes with “house poor” mortgages. Many Americans like to live above their means and now the real estate market and all Americans are paying the price. The result is that many have to accept bankruptcy or short sales. My “real

Solving the Foreclosure Crisis

1403 words - 6 pages The solution to the Foreclosure Crisis is neither fast nor simple. By reflecting on my own experience, I have been lead to believe that the problem is much larger than simply finding a solution. Instead we need to take a step back from what has become of the crisis and begin to mend the damage. The focus of our goal should be education at the individual level through the use of banks, so that borrowers can be prepared to avoid foreclosure, and

A Credit to America

1264 words - 5 pages mortgage, thereby triggering a foreclosure on their property. Today, the decision of foreclosure is too often the path chosen in this situation. In February 2009, foreclosure filings increased almost 6% from January of 2009, and foreclosure filings in February were reported on over 290,600 properties across the country. This was a 30% increase from the number of property foreclosures recorded in February 2008. This translates to approximately one

Similar Essays

Improvement Of A Foreclosed House Essay

900 words - 4 pages same price. These features will allow my townhouse to be converted into a rental property if my future takes me out of the area after graduation. When buying a townhouse I would look for maximum size and proximity to the ocean, probably in the City of Aventura just north of Downtown Miami. I would search for a foreclosure or shortsale property in an upscale neighborhood that has been neglected and needs cosmetic improvements. After purchasing

Real State Investment Strategy Essay

1167 words - 5 pages Property A in Chapel Hill, North Carolina is the best investment opportunity. In Stockton, California there are 180 homes that have been foreclosed and 738 that are in pre foreclosure. In Chapel Hill, North Carolina there are only 8 foreclosed homes and 56 that are in pre foreclosure [Zillow]. The greater amount of homes that are selling as foreclosures the more detrimental effects it will have on homes that are not. Real Estate agents and

Questions About Foreclosure Essay

1144 words - 5 pages foreclosure, what can they do? My idea is for every home owner still paying on their mortgage to purchase insurance but not just any insurance; this is anti-foreclosure insurance. My home owner’s anti-foreclosure insurance idea is different. The regular home owners insurance covers loss/damage to property or dwelling and personal liability. This solution I have come up with goes beyond that it is like a safety net in the case of unfortunate

How To Solve The Foreclosure Crisis

1572 words - 6 pages contributing to yet more foreclosures in a downwardly spiraling feedback loop. There are elements of the crisis that are similar in all parts of the country, yet there are some elements that are very different, and will require different solutions. What follows is what I believe is a very real solution to the foreclosure crisis in my region, the San Francisco Bay Area. For some people, the foreclosure crisis has been a real business opportunity