All Forum Posts by: Account Closed

 that's exactly my impression. The main concern is that the work was unpermitted and currently asbestos is flying in the air.

Folks,

I've discovered asbestos in ceiling and joint compound of wall in a house I was planning to flip. Long story short I've contacted an attorney and she claims that we have solid case. Let me explain as I believe it is not as solid as I would hope:

- the contract is "as is" condition

- the disclosure says that the seller has no knowledge of asbestos

- the seller did unpermitted work. Replacing 6 patio doors he disturbed and released asbestos to the air

- he also did repairs to the ceiling which contains asbestos in the popcorn

- the air test (as well as samples of the drywall and the ceiling) have been made and it is positive, all of them contain asbestos

Basically this will increase the cost of renovation quite a bit. I would love to have your opinion on all this matter.

Let me go ahead and predict some of the responses to encapsulate the asbestos under a new layer of drywall.

It's a good plan. However, how on earth can renovate baths without taking down the drywall? I was planing to take down couple walls as well, replace windows. But it will no longer be an option since asbestos is contained in the mud. I will not consider hiring contractor and not disclosing him the asbestos issue.

All in all I will probably look at additional 40k because of this new issue. The numbers still make sense but 40k is 40k.

@Cristin Andrews for 1 bed you can find about 160 fee and 4 beds can be 250-350, which is a very little comparing with what other states do. Also you need to wait for a property investment, a good one will be snatched fast.

@Stephen Stokes could you elaborate on Roth IRA. Should it be on his name?

@Cristin Andrews I would advise to purchase a small 3 or 4 beds condo for about 350-380k and rent out other beds to his friends. You could pull out about 3200 for 4 beds. The HOA fee is VERY low in the area. Property tax is a concern but possibly not a major one. I would say: go for it. It maybe at the top of the market but when your son graduates it will likely be more expensive than now.

where is the mistake? I take a perimeter of the room, which is (12+10)*2 then I multiply it by the height, which is 8 feet. Then I add the ceiling area to it which is 12*10. I think in your calculation you've missed the ceiling, no?

 can I shoot you an email? I have a report from the inspector when I was purchasing, I would appreciate your feedback. 

 oh, now you say that I should keep the wire. Even in this price range?

Anthony, thanks for the reply. The thing is ARV will be quite high starting from 800k and going up to 1.1mil depending on my luck. I did get it cheap, but I don't want to open a can with warms and city inspectors. They seem to delay the project. On the other hand, I need to rewire it for sure as it has aluminum wire. I am lost with what course of action should I take.

I am not sure I understand, the prices I had a quote were 40-50 per sheet labor incl materials (is it too high?). Here is how I calculate the room in your example: 

(10+12)*2*8+12*10=472 sq ft to cover in total

which is about 

14.75 sheets

in any case, do you think it is better to stick with old drywall? I have aluminum wire which I should rewire, it makes sense to open up the walls. what is your experience with city, can they delay the project a lot?