A year and a half ago, my (then) wife and I realized the inevitable: we needed to get a divorce. While it was mutual and we are the best of friends, I was suddenly faced with the reality of having to find a place to live suitable for myself and (more importantly) my two young boys. How would I ever be able to afford the barrage of expenses of a divorce AND be able to afford a decent home for my kids? I came up with a plan: renovate for rent.
Adding some curb appeal to a rental. (Photo credit: Matt Abourezk) #RFR
Installing a pre-finished engineered wood floor for one of my landlords… #RFR
Another rental… #RFR
- Insurance: Because I am a licensed contractor, I have workers comp insurance. You will need to discuss how to protect yourself, and the rental owner. Renter’s insurance doesn’t always cover this.
- Skills: Make sure you are capable of the work promised.
- Permits: Be sure to check with the town/city to make sure any work you are performing doesn’t need a permit. If it does, it must be clearly stated in the contract as to who is responsible for paying the fee.
- Materials: Make sure it is understood who is paying for what.
- If Work Can’t Be Completed: What happens if you get injured (not in relation to the rental)? There must be a contingency plan in writing, such as paying of the full monthly rent if unable to complete the work outlined.
#RFRing… (Photo Credit: Matt Abourezk)
Licensed home improvement contractor Brian Kelsey can be seen and heard regularly giving out advice on an array of media outlets. Watch him on tv and on his how-to video series “Kelsey On The House.” Connect on Facebook , Twitter and Instagram!