Occupancy?
Well, I've been working with a Family member on his and other people's properties for a while now.
We're soon going to get into the Rehab business. Almost did before, but did some other things first.
Anyway, I've seen plenty a vacant house in my area when we were looking at rehabs in the past.
We've thought it would make sense for me to live in them while they are rehabbed. I'm talking VERY basic living. Furniture consisting of a bed, trunk full of clothes, microwave and small fridge. Any reason this isn't a good idea? Obviously I wouldn't live in it until a few key things are done. (Bathroom, heating, electric) We figure it will be easy for me to roll out of bed and do some of the work, and also keeps our materials and such safer if they are, in a sense, guarded.
Just looking for any thoughts on this.
Hate to be the first to answer this one, there may be many things I've overlooked so i really open myself up to being corrected here. But, I think it sounds like an excellent idea if you feel up to the task.
Insurance will be much cheaper, you are likely to get more work done and you're less likely to run into issues with vandals, thieves etc.
Do be careful doing business with a family member, in this situation it may be easy to start to feel like you are doing more than your share of the suffering.
Understood.
I have done $ only deals with this family member before. He helped another business I have get on it's feet, and he made a decent profit, but I also got financing I would no where else.
We both have worked with other family members and experienced the problems. So, we both know what we're getting into with that. But, working together in the past on similar types of work has helped me decide if this is a good idea.
We're sitting down this week to write out a basic business plan to make sure we both want to go in a similar direction with this now and in the future.
Basically, I think I'll be doing about 70% of the uncontracted work, (probably 90% of the work on our first couple places will be by me or him) and he will do the other 30% of the uncontracted work, supply the $ initially, and do probably 70% of the work in finding houses.
Thanx for the input so far. :-D