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...

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