All Forum Posts by: Jake Matthew

You should also make sure that charcoal grill never gets used on the deck:)

If it was mine, I would pull off the roofing and decking and run some 2x2s perpendicular to the rafters to create a pergola. This would be assuming the rafters are still sound and up to code. 

I am looking to build a mailing list for distressed homeowners, absentee owners, etc in my area to start a yellow letter campaign. I have seen many BPers use listsource.com, but unfortunately it seems to be unavailable in my home state (Kansas). 

What other sources have you all used for mailing lists?

Thanks, 

Jake

yes...it has been payed off for a long time

I am trying to think of ways to purchase my grandmother's home as a primary residence with the intent of keeping it as a rental down the road. My credit and income is good enough to qualify for a mortgage, but I am just short on cash right now for a down payment. The house overall is in great structural and mechanical condition, just needs whole house updating. It is a 3/1 approx 1000sq ft in a nice KC suburb. ARV is somewhere in the $125k range. I am hoping to purchase it for around $80k and have estimated rehab at $25k ( I am a contractor and know this is an accurate and possibly over budgeted)

My question is, what would be the best way to finance this with little or no money down and work a deal that is both fair to me and my sweet grandma who is now in expensive assisted living? 

My first thought was have the down payment gifted from either her or another family member and add the down payment cost to the loan and pay whoever back immediately. Would this work? Any other thoughts?

One last note, I will have my RE license  as soon as KS decides to process it ( I have been waiting over 6 weeks already!!)

Thanks in advance for your thoughts!

Jake

if it has wood shake, it will likely need all new OSB decking, but even with that and 2 layers of shingle removal, you would be at no more than $500 per square or around $9K in my market in KC....I don't know of any roofers in your area but sounds like you should definitely be able to get it done  right for WAY less than $15k...if you don't get any good roofer recommendations, try BBB, Angie's List or NARI ( National Association of the Remodeling Industry) for quality roofers and get a few bids....don't trust a "guesstimate" from another agent or anyone else who is not a roofer

I'm not familiar with repair costs in your market, but here in the KC area you would be looking at at least 2x or 3x  what the inspector estimates. You need to have a good contractor assess the repairs and give you a better bid. I would not trust an inspectors rehab estimate.

Your roof looks like a fairly shallow pitch and from my experience, a 6" trough with 3x4" downspout would be more than sufficient to keep water off of his side. X

Do you know that the water is actually coming off your roof onto his? If  you have proper sized and sloped troughs and properly sized downspouts and the gutters are clean and functioning properly, there is no reason that water should be coming off your roof onto his. 

Isn't Transunion a FICO score?