All Forum Posts by: Jacob A.

Rodney, I actually just opened up a HELOC at prime, which is 3.25% at the moment and has been there for the past 5 years or so. Obviously, prime is a variable rate than can change at any time but that was about the best rate I could find. Hope this helps.

Nevermind I found my answer further down. I interpretted wrong.

Thanks for the links Ben. I'm reading "If an activity meets these narrow criteria (i.e., if a firm demolishes and rebuilds a structure to the extent that it is effectively new construction), then the activity is not a renovation for purposes of the RRP Rule and therefore not subject to any RRP requirements." I'm assuming that means if i rip out drywall, trim, windows and replace all of it then I do not have to comply with any of the RPP rules? Am I interpretting that correctly or not?

Thanks Deborah! The problem is I am planning on ripping out most if not all of the drywall, trim and windows. I realize it probably isn't on the interior walls but im worried about the windows and trim. I don't want my contractor going in there ripping stuff out and one of his subs comes back and hits me with a fat lawsuit somewhere down the line because he was working where there was lead paint and we didn't know about it. I appreciate the idea about the RPP contractor, hopefully that will have me some $$$.

Awesome responses everybody! This house was indeed built in the 70s so that makes me feel a little bit better. I've heard of test kits that you can get at lowes and do it yourself as opposed to paying 400-500 for an inspector. Has anybody had any experience with the self testing kits?

Thanks for the comments guys. Not sure about asbestos yet don't have it under contract.

Hey everyone! I'm looking into an investment property to flip before 1978. Obviously, the threat of lead based paint is there. I havn't gotten an inspection done because I don't have an accepted offer yet, but what are we looking at as far as remedies go here. I have heard that some contractors would just paint over it and that is that, nothing else needs to be done. My problem with that is that we are planning on replacing some, if not most, of the drywall. I was under the impression that anytime you disturb lead based paint, which would include ripping out drywall with lead based paint on it, that you had to have a special contractor come in that is licensed in this area to remove it and it can really destroy a budget. What's the story?

As far as I know right now, all of them.

I'm looking at a house right now at a great price in a great area that had the second floor finished but without permits. I asked J Scott about this on his website and got some great advice but was hoping to get some more discussion going on this. I'm thinking it's a great bargaining tool and best case scenario I may only have to do minimal repairs and worst case I have to redo the entire upstairs obviously. I am having a contractor check it out to be on the safe side. Anybody else had any experiences with this or thoughts on it?

Nope no lien on the property. It really is as simple as it sounds. They loaned me the money and I pay them back in regular interest amounts every month, while paying principal basically when I feel like it.