Part Time REI » government http://part-timerei.com Real Estate Investing while Working Full-Time Fri, 03 Oct 2014 17:44:45 +0000 en-US hourly 1 https://wordpress.org/?v=4.0.38 Part-Time REI is a real estate investment education company. Our Lunch-Time Profits System is designed to teach you how to fix and flip homes in your spare time. We specialize in helping investors learn how to control their own financial future. Most importantly, we show you how to leverage other people's time and expertise to help you accomplish your goals. Finally, we provide systems so that you can repeat the process again and again. Erik Hitzelberger and Bryan Snider: Part-Time Real Estate Investors, rehabbers no Erik Hitzelberger and Bryan Snider: Part-Time Real Estate Investors, rehabbers support@part-timerei.com support@part-timerei.com (Erik Hitzelberger and Bryan Snider: Part-Time Real Estate Investors, rehabbers) Part-Time REI podcast with host Bryan Snider and Erik Hitzelberger talk about investing in real estate and flipping houses in your spare time. flipping houses, investing in real estate, part-time, second income, retire early, flipping homes, flipper, REI, rehabbing Part Time REI » government http://part-timerei.com/wp-content/uploads/powerpress/Logo.jpg http://part-timerei.com Weekly Your Farm Area Government http://part-timerei.com/blog/2014/05/02/farm-area-government/ http://part-timerei.com/blog/2014/05/02/farm-area-government/#comments Fri, 02 May 2014 16:00:55 +0000 http://part-timerei.com/?p=2566 One item that is sometimes overlooked while flipping houses is the local government. We always say know your market and that includes the local government, especially if it is out of your local area or out of state. Doing some research on the city’s government before you invest in any real estate there will help you avoid some pitfalls. Most municipalities have an official website. You want to specifically look for information regarding to city planning that may affect future real estate prices. Is the city growing? Are there potential changes to how the city deals with investment property? Let’s take a look at a couple items.

 

Permits

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Everyone knows that you need a permit to build. But different states require different licenses and permits for flipping homes. Some states require house-flipping businesses to be licensed as general contractors or if the home is being sold through a subsidiary, require a real estate selling license. In most states however you do not have to have a real estate license to flip a house.

Make sure you apply for the correct permits and double check to see that the local authority providing the permits gives you the correct ones. Towns, counties, and municipalities are increasingly making permit data more accessible. You may be able to find your property’s physical history online, but a trip to the local government administration building can yield results if a web search can’t. Not every community will have this on hand, but it’s nice to get it if you can. Knowing when a permit was actually pulled for a furnace installation, or when a roof was put on will help you with leverage during the negotiation. Discrepancies learned can result in actual dollars saved.

Grants

high cost of vacant home insuranceDid you now some areas actually give out money for flipping houses?  So inquire about government grants for flipping houses with state and local governments, not the federal government. Much of the grant money the federal government gives out each year is earmarked before requests are even made for it. On the other hand, states and municipalities within states take a greater interest in granting money to people who want to beautify the communities within the area.  It is a win win situation. Do the homework to find out which municipalities or states are setting aside money to redevelop certain areas. The best way to find this out is by calling the community and economic development office of a municipality to find out what programs might be in place that could lead to a grant.

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