This is a short blog entry in a series we will be doing that highlights some of the things we encounter in our property-development business. Many people are interested in property development or in buying a fixer upper for their own use, and it’s a good way to go if you have the skills. You can get into a great home for less money. But you need to be prepared for messes.
If you are buying to flip, take care, assume the worst, and do your due diligence. Here are two photos of some scary electrical work I encountered in a flip house recently.
These kinds of illegal and unsafe conditions are common. When you do a first walk-through, you’ll need to be on the lookout for these types of issues. Keep a list of what you find. And expect these signs to mean the entire electrical system has a problem.
I admit to knowing very little about electrical work. To me, it’s magic. I always have a property checked out by my licensed and insured electrician. It costs about $90 to have him check it out and make an estimate for corrections needed. This is money well spent. My electrician knows I value his time and expertise. When I call, he’s there.
Bottom line? Never cheap out on safety issues or your subcontractors when you are developing a property.