Quick Pricing from a General Contractor

While I am in the business of being a General Contractor, I understand the thought process and concerns that many business or home owners may have.  My biggest concern is that many owners may not want to 'bother' a General Contractor for an estimate or some pricing feedback when they may be early in the process of considering a property.  Many times, the cost of a renovation will make or break a decision to move forward on a property purchase, so it can become vital for contractor pricing.

The good news is that, as a contractor, I encourage owners to contact me anytime if they need  feedback about a renovation/remodel for any property that they may be considering.  Typically, I can provide some idea on costs without a site inspection and with very little information.  It may not be a formal estimate, but it can help an owner review and move on from a property.  I believe it is my job, as a contractor, to help guide an owner through property reviews and purchases.

If you are considering a property and may need a quick perspective on what a cost for renovation may involve, give us a call, send an email, or fill out the free estimate form.  We are working on a template for a new 24 hour (or less), estimate form for my website and should have it available in the near future.

Remember, it is never a burden to contact a General Contractor about any level of estimate.  It is our job to help.

Brandon Leske
Hybrid Construction LLC
813-300-8019
bleske@hybridgc.com
www.hybridgc.com

203K Renovation Estimates and Urgency

A significant portion of my business focuses on the assistance with 203K, Homepath, and other construction loan programs.  Typically, whenever I get a call about an estimate for one of these programs, it is later in the loan process and urgent to be completed without holding up the loan.  This is one reason why I like to tell Owner's and/or their loan officers to get a contractor involved in the process as soon as possible.  It helps to narrow down project scope decisions and provide more accurate estimates.

However, since buying real estate can have a number of hurdles to jump over, I realize the contractor may still be brought in later in the process.  Fortunately, there are a couple ways to handle the urgent need to get an estimate with these programs.  Typically, the need for the exact scope determination and itemized cost is not always necessary early on and can be modified slightly throughout the loan process.  The important item to determine is the total cost budget.  For example, with a 203K Streamline loan, the maximum rehab loan amount is usually $35,000.  If the Owner is planning to take advantage of the full amount, we can help expedite the paperwork by providing a generalized scope and estimate/budget that totals their max. amount.  Usually, an estimate like this can be provided with 24 hours.  While the loan is being processed, the contractor can work closely with the Owner to determine the final scope of work and make sure the project will stay within budget.

Overall, this approach saves time, effort, and expedites the process.  I have recommended this idea to many Owners and lenders and it has worked very well.

If you need any assistance with a 203K or other Construction Loan renovation in the Tampa Bay area,  Hybrid Construction has the experience and is happy to help. 

Brandon Leske
203K Loan Contractor
Hybrid Construction LLC
813-300-8019
bleske@hybridgc.com
www.hybridgc.com

FHA 203K and Other Rehab Loans

The FHA 203(k) loan programs have been around a very long time, over 30 years, but they have only become very popular in the last decade or so.  This is most likely because many bank owned properties and foreclosures are in poor condition, do not meet FHA requirements, and require some renovations.  Another reason the loan programs may not have been as popular in the past is many lender's did not handle these type of loans, but that has quickly changed in the past 10 years.  More and more lenders are offering rehab loan programs and the process is becoming easier with each loan. Beyond the FHA 203(k), there are similar options available.

FHA 203(k) Renovation Loans
The FHA 203(k) program has 2 different options:  Streamline or the Full loan.  The streamline loan is an easier loan with less paperwork and approval timeline, but it does have a maximum for repairs capped at $35,000.  This loan does not allow for major structural changes.  The full loan process can be lengthy, require permits, and will use a 203(k) consultant/inspector.  However, this loan option does allow for significant changes and much higher loan amount.  I have experience in both types of loans, but so far, the Streamline loan has been significantly more popular.

HomePath Renovation Loans
The Homepath renovation loan is offered by Fannie Mae and very similar to the 203(k) streamline loan.  The repairs are typically capped at $35,000 and structural changes are not allowed.  This loan is only available for Fannie Mae owned properties.

Other Bank Renovation Loans
Most lenders offer other renovation loan options that may work better with your specific situation.  One example is from Wells Fargo.  They offer a Purchase and Renovate or Refinance and Renovate loan.  It can be similar to a conventional mortgage with the rehab costs added in as part of overall mortgage.

I expect these loan programs will remain popular and good options for home buyers, especially in FL, because there will still be many properties requiring rehab/renovation in the near future.  Please contact a lender for more specific information on your loan options.

If you would like more information or a lender referral, please contact me for more details.

Brandon Leske
Hybrid Construction LLC - 203(k) Loan Contractor
bleske@hybridgc.com
www.hybridgc.com

REO Rehab Contractors and Insurance

It is important to look for a contractor that is licensed and insured to handle REO Rehab and Preservation.  Since the large increase in foreclosures and REO's, a lot of companies have come out advertising services for REO Preservation, REO Rehab, and Foreclosure Maintenance, but many do not have the proper license and insurance to work on the properties.  Many contractors let their insurance expire in order to save costs, but still advertise as having it.  I recommend all realtors, asset managers, and REO professionals ask for proof of license and insurance before hiring someone to work on a property.

It is best to hire a licensed and insured General Contractor with experience in the REO industry.
If you would like to find out more information about an REO Rehab contractor in Tampa Bay, please contact Hybrid Construction LLC as www.hybridgc.com.

REO work is a large part of our business and has been since 2008.

Brandon Leske
Hybrid Construction LLC
813-300-8019
bleske@hybridgc.com
www.hybridgc.com

Chinese Drywall Inspections

Conducting a chinese drywall inspection can involve or require a number of techniques to determine whether or not the home has been built with chinese drywall.  A home can have different levels of exposure including full house, partial house, or only a few sheets of chinese drywall.  It all depends on when it was built and which supply was used during drywall shipments.  Some of the techniques used to determine the level of chinese drywall contamination include, but are not limited to:

- Inspect all copper wiring for blackening or corrosion
- Inspect HVAC piping and coils for blackeing or corrosion
- Inspect drywall joints and labeling for manufacturer.
- Conduct air quality testing
- Remove drywall samples and perform quality tests

Hybrid Construction LLC performs Chinese Drywall inspections on a regular basis and keeps up with the current regulations, codes, and techniques for remediation.
Inspections typically take between 1-2 hours depending on the size of the home and range in cost from $150-$225, depending on location and house size.  Each report includes a detailed summary of the inspection and findings, approximate remediation costs (if necessary) as well as numerous photos of each area inspected.

If you need any further information regarding Chinese Drywall issues in the Tampa Bay area, please contact Hybrid Construction at www.hybridgc.com

Brandon Leske
Hybrid Construction LLC
813-300-8019
bleske@hybridgc.com
www.hybridgc.com

Benefits of a Contractor Property Inspection

This article was originally intended to be for REO/Foreclosure properties, however it can relate to any real estate situation.  Whether it be for residential or commercial, many people can benefit from the information we can provide, including:

 

- Buyers during due diligence

- Agents handling bank inventory

- Brokers 

- Owners

- Real Estate Investors

 

We make an effort to make sure our contractor inspections are more than just an estimate.  Commercial and Residential properties are both assessed differently and each can have a different level of inspection detail, from brief to thorough, depending on the situation and the needs of the client.  Budgets are usually a critical part of any real estate decision, so we try to provide an estimate tailored to each property and each situation requested by the Owner/Agent. This allows us to be a stronger asset to the client.  Some of the benefits our clients receive include:

 

- Safety/Hazard Concerns

- Remodeling/Rehab Recommendations

- Repair Recommendations

- Detailed Property Photographs

- 3rd Party Consultant Coordination

- Schedules

- Budgets/Estimates (Itemized, Phased, Forecast, etc...)

 

We are sure that our inspections will provide great value to your property at an affordable cost.  The importance of being flexible for each client ensures that we can provide a personal and property specific inspection.  It will help fill in the missing information that everyone seems to ask about any property.  More importantly, it will help people make decisions.

 

Brandon Leske

Hybrid Construction LLC 
813-300-8019
bleske@hybridgc.com
www.hybridgc.com