Renovation of My Foreclosure Property Essay

1205 Words 5 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 …show more content…
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 all of the materials that I will end up needing to finish the renovation. If the foundation needs to be fixed, I would ensure that I write up a written agreement with my father to rent his tools along with his bobcat, forklift, and trailer. I would then be able to determine if I needed to rent a dumpster in which case I would be able to contact a college

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