One of the biggest mistakes people make in their rehab projects is not pulling permits. There is a difference between staying on a tight budget, and cutting corners not doing the job right! In this episode Ryan takes a trip to one of the BREIA Mentoring Program student deals in Hollywood, Florida. With a full rehab needed on this property, there were several permits that were needed. Ryan also points out how important it is to use the right contractor who knows what permits they have to pull. It is also equally important to have a contractor you can trust so they dont charge you for pulling permits that are not needed. Part of being a successful investor is to also understand the permit process. There are some cities, like Hollywood, that have a back log of inspections needed to approve permits. This is because they are understaffed and because of the amount of rehabs going on in Hollywood. The bottom line is you need to make sure you and your contractor take into consideration the permitting process of the city that the property resides before you start any rehab!
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