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Forum / General Property Management / Single Family rental needs remodel - help

Need help from the pros on this one! My SF rental needs major remodel - kitchen& 1 bath, new floors, doors etc. Assessed value $300K, owe under $10K. I intend to keep the property as a rental and perhaps pass on to kids. Ideas on the best way to finance the remodel? Research says HELOC? A little apprehensive about finding a contractor to trust. How to find and vet?? How do I protect my property from liens etc? Should I have legal and tax help on this project?? I'm in Bellevue WA if you have a contractor, Real Estate attorney, CPA referral. Thanks! MM

Michael M, WA on Tuesday, January 5, 2016

RE: Single Family rental needs remodel - help

If the home is worth that much and you want to do a remodel get an accurate estimate of how much the total rehab will be and use your equity to get the money for it. By doing this you may be able to get a very low rate and knock the job out quickly. Also if it increases the full value of the house then it pays for itself. Here is a great article I recently read when rehabbing a property of mine. http://www.casedesign.com/should-i-use-a-home-equity-loan-for-remodeling/

Posted by Derrick D, PA on Wednesday, January 6, 2016

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