All Forum Posts by: Christine Edwards

The contractor I choose will be licensed and insured.  I have done my due diligence to make sure what I received is valid.

I wanted to know if I could get my own.  Just in case.  You just never know what could happen. 

So I wanted to see if I could protect myself, if for some reason theirs did not pay.  But when I try and search for something, all I get back are homeowner insurance quotes and I already know they will not cover damages due to renovations.  At least mine doesn't.

Any suggestions?

Thank you in advance,

Christine

$225000

Thanks Bruce.  

I had gotten an estimate from someone who had done work for me in the past and was just taken aback by the increase in his labor rate.

Was just trying to understand where it was coming from.

I understand what you are saying.   I am talking about averages, not exact numbers.  

I had a contractor give me an estimate for some work that needs to be done on my house.

Material cost  $15,345

From what I have read online, it says that labor should be roughly around 40 - 50% of the total project cost.  Is this true?  

If so,  could I double the materials to come up with a rough estimate of what labor should be?

If not, is there a way to estimate the total project cost based on materials.  I understand it wouldn't be exact, but I got an estimate where labor costs ended up being about 71% of total cost.  Which is crazy high to me.

Any advice/experience would be great.

Thank You

Christine

I own a second home in Michigan.  I am looking for advice on how I should go about financing some renovations.

Current Mortgage balance $140,000.

Estimated repair costs $75,000.  Not enough equity in subject property based on current value.

According to the Realtor, ARV would be $315,000 - $335,000.

Last time I looked my FICA score was in the excellent range

My DTI including the subject property is way less than the typical 45% requirement.

Any help, advice, would be greatly appreciated.

Christine

Hi,  

Does a HELOC actually exist that would be based on the ARV of the property? If so, is the one available for a property in the state of Michigan?

Thanks,

Christine

I have a property that has two houses.   I want to rent them both out.  Hoe do I get the USPS to recognize them as separate units?  

I have a property.  My tenants want to buy it.  I am not in a place to be able to finance it for them.  They only have an ITIN number.  I have not been able to find a lender willing to work with someone with an ITIN number.  It could be a very good long term investment for someone.  I just have no idea how to get to the individual investors that may be interested.  Any ideas?

Thank you. But things don't always work out the way you expect.  Ask Dave Ramsey.  I find it curious how someone who filed bankruptcy himself makes people feel guilty if they have gotten themselves into a difficult.  

I didn't ask for a lecture.  I asked for financing advice.