First Flip Questions

[Eric Le]

Hello All,

So I'm on my first flip and got a few bids in. One contractor pointed out the old cloth wiring. I don't want to spend more than I need to, but I don't want to finish the house only to fail inspection on cloth wires. Do I go ask the township ? Will that open cans of worms?  

There's also a crack in the basement wall, that leaks water in (Not much on a heavy rainy day), would that be foundation issue? 

 Is carving out the crack, putty in (seal), parge it. Then Kilz sealer (Of course the right way), The right cheap way to fix the leak? 

Thanks in advance!

[Darrell Shepherd]

No offense to the licensed GC above, but doing anything a tradesman tells you to do will bankrupt you pretty quick.  You gotta think it through yourself and get second opinions and multiple bids.   Get recommendations, but don't blindly follow anything they tell you.

I'd call the county, where I live its fine to leave the cloth wire as long as its not an extensive renovation.  It wont be grounded, so they'll prob make you swap it out if you replace outlets and such. A lot will depend on your exit strategy.  If you are selling it as a complete reno, you should rewire it.  If you're selling it as a 65 yr old house, old wiring is expected. 

Foundation you want to fix from the outside.  I'd get some day labor and dig it out, seal the outside of the wall, then fill the crack on the inside with hydraulic cement and paint the interior wall it with dri-lock.  You also want to make sure the water isn't running towards the house or puddling close to the wall.  Just make sure the gutters are good and the grading runs the water away from the house.