All Forum Posts by: Tim Ivory

I'm acting as a project manager for my parents house they are selling, using it as my first experience fixing and flipping. I don't want to buy the house from them in order to avoid paying capital gains tax when I sell it, so I can't also get financing for the rennovation costs as well.

There only option it seems is to take out a home equity loan (not line of credit), or possibly refinance if its easier. 

So, I am going to recommend a home equity loan and I want to call a few places to see what the scoop is. I'm sure there are literally probably 1000 options in the USA, where I live in TN. Can I anticipate a big difference in rates or value between all these different banks and companies, or will the difference be trivial where I'm fighting for half a point interest rate percentage or what not?

I want to call 5 different places and see whats up, starting with my bank and the bank they use. Any overall recommendations for trustworthy places to try or anything else you think I should be aware of?

Cheers

Originally posted by @Gary Siver:

@Tim Ivory It’s hard to say with the photos because they are a little blurry but to me they look like architectural shingles. If they are arc shingles then they aren’t decades old. Whatever you do don’t bleach it, if you want it cleaned to see what it looks like have a professional company come do a soft wash on it and then get a roofing company to come put something in writing how many years are left. It won’t cost much and if you end up needing a roof they would probably take that if the price.

Here are more HQ pics in google drive if you care to take a look.

https://drive.google.com/drive/folders/1AyZyhD8DlHXzMjj-xytWVjkU9Voi4gCK

I like this idea. By the way, I wasn't going to use straight bleach but a mixture of bleach and water and maybe something else. It's premade mixture from lowes.

Okay. This will depend on the cost of re shingling the roof. If its below 7K, this might be possible. For some reason, I was thinking it'd be a 15K job, but not so.

This will be a simple fix and flip, getting out quickly. However, this will depend on the financing. If I need to personally get a HML and a deed transfers, I will want to hold for a year after refinancing out of the HML to avoid capital gains tax.

I see the attic space from outside via the ventilation for the roof, but have no idea how to access it, lol. This needs closer inspection.

That's what I thought and didn't want to hear, haha. I have a fixed 60K budget. There are no funds past this, so last resort was to offer a discount towards a new roof.

There is no attic, that I've ever seen, so cannot verify any mold inside the house. I can verify no leaks on any of the ceilings upstairs. I'm hoping the black mold is the standard black mold that grows on the north side of buildings. I'll check the ventillation or get someone to do that for me.

Greetings.

If this post isn't allowed, I can delete it.

I was wondering if this roof is salvageable. I have no access to previous owner and permits don't show any roof work or anything for decades, so can't determine its age.

There are no leaks, no missing shingles. There is black mold but should be fixed easily with bleach.

Is this wishful thinking, or is the roof obviously gone.

Cheers

Wow, thanks for the awesome thread. Just wish some of the pics were higher res.

Okay, so I'm seeing 325 dollars a month for 2000 records. Is that right? 

Sorry, I wasn't clear in my last post. I need more data on number of beds, baths, year, square footage etc. I can narrow this info on zillow by tweaking parameters and seeing how the number rise. For instance, in buncombe county, 4000 homes were sold post 2000 year date, 5000 were sold post 1990, 6000 were sold post 1980. I can determine people want newer homes and its spread even past this, each decades adds 1000 homes, etc.

Where can I get free MLS data without begging agents?

Getting a little bit here on zillow, need more on specifics on of beds. I can do a search on sold homes and I can narrow it down month by month and see how many more houses sold, but its tedious.

https://www.zillow.com/research/data/