Any contractors out there ever deal with housing rehab?

[YeLLowBoaT]

I found a 4 plex that is owned by a local city that is offering a for sale for $1. The only catch is you have to sell it to a shelter for a set price and you can only make XXXX. The other bad part is its a "historic" home( which I'm already on a 1st name bases with every one) The good news is they are waving all permit fees and sewer and water hook up fees.( which is about 35k) I'm wondering if anyone out there has ever done something like this?
I've already spoken with the lady that is overseing the program and I have set up a meeting with her for inspection purposes for the end of the week. Its a wonderful old building and needs to be saved, I would love to do it. If the numbers don't work out or its going to be a real PITA getting a construction loan. There is no way I can do it.

[plaster dave]

I have not, but a really good friend of mine is the main man for the State of Ca. doing repairs on historic homes. If you have some questions for him give me a call and I will get you in touch with him. 818-402-2769

[Kilrtoy]

I have not, but a really good friend of mine is the main man for the State of Ca. doing repairs on historic homes. If you have some questions for him give me a call and I will get you in touch with him. 818-402-2769
I would not give your bubbys name to this guy...
he will end up making his life a living hell.....
he hates the world and will complain to no end

[redneckcharlie]

I would not give your bubbys name to this guy...
he will end up making his life a living hell.....
he hates the world and will complain to no end
Ouch!!:eek:

[YeLLowBoaT]

I have not, but a really good friend of mine is the main man for the State of Ca. doing repairs on historic homes. If you have some questions for him give me a call and I will get you in touch with him. 818-402-2769
Thanks, I'll give you a buz right after I get done doing some paper work.
I would not give your bubbys name to this guy...
he will end up making his life a living hell.....
he hates the world and will complain to no end
How do you know me so well? yeah my life is such a hell that I actually enojoy getting up every morning and going to work, at the end of every day of work I can stand back and see that I actually did something. Yes, my life sucks.
Fooking tool

[ChumpChange]

I found a 4 plex that is owned by a local city that is offering a for sale for $1. The only catch is you have to sell it to a shelter for a set price and you can only make XXXX.
So if your labor runs cheap, you have to lower the price that you are selling it to the shelter for?

[HokeySon]

So if your labor runs cheap, you have to lower the price that you are selling it to the shelter for?
For some reason, this deal was running through my head yesterday. I guess I just do not understand why they would structure the deal this way (a sale, then another sale). It may have differing tax implications for you though, I would check that out before I signed on the dotted line.

[YeLLowBoaT]

So if your labor runs cheap, you have to lower the price that you are selling it to the shelter for?
I've not seen the paper work yet, but that is how it was explained too me.( by the lady that runs the progarm)
From the info I have recieved all ready, the city took this place along time ago for failure to pay porperity tax/ unlivable/comdenation . Its now a burdon to the city, crime, homeless and etc. So thier choices are tear it down, or sell it off. What I was told is the properity can not be sold thru regular means do to some old law on the books that has to do with the original grant for the properity.( i'll know alot more thursday.)Something about it its not returned for "chairty" the land will go back to the orignal owners family. Sounds like there is alot of BS already in this deal so I am going to be speaking with a lawyer about this entire deal once I get some paper work on it.

[WishIknew]

So if your labor runs cheap, you have to lower the price that you are selling it to the shelter for?
When does that EVER happen????

[rocket98]

I tried to do a similar project in Tempe, Az. This city was taking distressed properties and offering 30K to fix up the properties. If you keep the home for 5 years the loan became a grant. If the city is going to inspect the building. You will need to bring all items up to the present codes. This could be opening a can of worms. I put about 1 month into fixing up these places only to find substandard plumbing, electric ect... Take a long look before you jump. I wish I would have.