All Forum Posts by: Mario F.

@Cody L.  So this is a great deal for them.  But what about me? haha.  I could probably go through another bank and go with the title 1 loan for cheaper right?  

But the attractive aspect of this deal would be no payments for up to 18 months. I could have it paid off completely by then.  If not, then I'd live with the 6 percent for a while during repayment. Could be a good deal for everyone. 

Since I already purchased the property, I'm assuming that the FHA 203k wouldn't apply to me, right? Since that loan wraps the mortgage and renovation loan all in one? So I'll look into Homestyle. Do you know of any lenders that would do a loan like that? 1800remodel is doing a lot of advertising on TV. I have no idea how they got my number but it seems like a great deal. Around 6% interest rate. I guess properties in Inglewood qualify since they called me. And I think they said I wouldn't have to make a payment for 18 months. I'll find out more tomorrow when I meet with the contractor and get a quote. Seems a little too good to be true so I'm skeptical. What's that catch!?

Hello, I just received a call from a 1800remodel.com rep about a government loan program they offer to homeowners like myself in certain areas who are looking to renovate.  I purchased my first fourplex in Inglewood CA a month and a half ago and am running into a huge renovation project.  I don't think I'll have enough money to renovate everything right now so I figured I would do one unit at a time.  I've also considered the idea of taking a loan out.  Does anyone know if 1800remodel is legit? Or if there are any other government loan programs available for homeowners looking to renovate?  Any advice would be appreciated. 

Thanks!

mario

Hello, I need to resolve a termite problem at my fourplex in Inglewood CA.  I had a report done before purchasing this property and learned about the termites. It was recommended by Tanler Termites that I tent the entire property. I'm in the process of renovating one of the vacant units. On July 22nd, the unit will be gutted, revealing all the wood which would be an ideal opportunity to take care of this termite issue.  

So my question is whether to go with tenting or Orange OIl treatment. There is  a company on yelp (Nykor Pest Control Services) which seems to have  alot of success using orange oil. AFter speaking with them on the phone, I'm leaning towards going with them. Just wanted to get some thoughts on this from you guys before I make a decision. 

Thanks!

mario

@Andrew Johnson  Regaring the lead and asbestos abatement, I will definitely get the proper licensed contractor to do the job right with permits, etc.  And I will get the certificate of completion as well. You're right, this is a big deal which is why I got the place tested in the first place. I wanted to make sure there wouldn't be any sort of risk.  I'm trying to be extremely careful with the demo and abatement work.  It's just that the other work, some of which I will do myself (floors, tiles, cabinet, etc)....is what I think won't need the permits.   This will be after the abatement is settled.

@Jim Adrian  Thanks fo r your advice.  I will pull permits for sure. Especially for the demo/abatement.  But what I'm debating is whether to pull owner builder permits for rest of the projects.  I suppose if the contractors pull all the permits themselves, they are liable for the work if it's bad.  But if I pull the owner builder permit myself, I suppose the drawback of getting contractors to help is that they won't be held responsible for bad work, etc. Is that right? 

Trying to wrap my mind around all of this. 

Thanks!

mario

@Manolo D.  Hey Manolo, I had two contracters check the place out. First one quoted me 13k for removal of everything. This would also include removing a really poorly built carport. So now I'm waiting on the second quote. 13k seems like a lot though!

I can call Alternative tech.  I'll call them today. If you have another option let me know!

In order to qualify for the permit though, the city is requiring a floor plan, elevation plan, and a site plan.  Should I get an engineer for this?  The site plan is needed because I want to take a wall out, etc.  I'm not sure

thanks!

mario

Hey @Manolo D., I got some referrals for two companies. Still waiting to hear back on one of them. The thing is that I decided that it would be best to just get rid of it all, which means all dry wall. Pretty much a complete gut, just so I don't have to deal with it.  What do you think?  Would it be better to go about it that way? Or just take out the little problem areas for cheap?   

Hello, 

I've recently purchased a fourplex in inglewood and am about to start demo on one of the units.  I've come to find that there is asbestos and lead in thsi unit so the cost of rehab has just gone up considerably for the removal/demo.  So my budget is really gotten super tight. This is only the ifrst unit that needs rehab. Got three more to go after this!  

After chatting with the city buidling and safety, they highly recommended I have the contractors pulll permits for me because of liabilities, etc.  This all makes sense but my contractor does everything sort of unofficially, so he can offer lower prices.  It's extremely tempting to take him up on that offer. My friend referred me to him and has done a lot of rehab with this guy in the past, so I kind of trust him.  But I still am not sure what do to.  If I do everything by the book, I'll need the licensed contracters to pull permits and do everything legit, which will destroy my budget. It's already going to be super tight because of the asbestos removal.  What are your opinions on this?  How should I approach it?  One part of me feels like the government gets in the way of everything and overcomplicates things, making costs skyrocket.  The other part of me worries about the risks/liabilities with going the cheaper route.  Any opinions?  Seems like rehab is going to be soooo expensive. 

thanks, 

mario

@Manolo D.  If this only costs 5k to remove, I'll be more than happy to do it.  I thought it would cost like 20k.  At this point, my priority above all is to clear my liability with these units.  This thread has been extremely helpful. Super appreciative of all your help!