All Forum Posts by: Michael Gessner

@Sai T. Just noticed u are fixing the issue, also to add add plastic vapor barrier between studs and wall

@Sai T. To start you need to fix the water issue, check your gutters, check the grade of the area, possibly need to excavate seal and install new footing drains. Then you can go ahead and make the repair, yes use pressure treated lumber. If you do not fix the water issue, 1 you will be replacing and repairing again, 2 you will develop mold......

hard money usually doesn't lend on more then 12 months they are short term loans, borrowed multiplied by determined interest rate, the final number is your total interest paid over 12 months, divide it by 12 and voila you have your monthly payment

I would first consult and engineer and determine weather the current structure can support and additional floor. If he determines it can then you will need to speak with the building dept, also if not already, after hurricane sandy by me any structure undergoing a major renovations will need to be lifted and put on stilts, 

@Ravi Kumar its different from city to city, normally anytime you open a wall or doing any framing westher structural or not you need a permit. It's best for you to contact the building dept directly and annomonysly asking what they require have a permit. One town by me doesnt require as much to have a permit then the next town over you need a permit to paint ur front door.

I completely disagree with above recommendations. Handy man or "handyman" they are not qualified to the extent a contractor or a specialist is. We could all hope you don't have an issue and it is just that paint splatter but what if you do ? theirs too much liability in mold, and I guarantee you your handyman is not insured to handle mold. If you do have an issue and he cant find it or assumes the mold issue is a the roof and not in the walls and the symptoms continue you can be liable for time lost at work medical bills etc. Hire a company that can do an air sample test and cover your but in the event they decide to push the issue further. Again handyman are not mold inspectors, they take care of your odd and ends. Lets just say if fixes the issue in the attic and their was a little mold, so he cleaned it up and took care of it. 6 months down the road the "symptoms" are still present, you sware up and down you corrected the problem, well they decide to have an air sample done and sure enough theirs mold, well now your on the line for the medical bills etc. Its so much cheaper to just hire the right person to do the job, someone who is qualified licensed and insured to do such.

If she's already complaining about asthma id call a professional company in to do an inspection. They can take air samples and see if they're is any mold present in the air. This way your 100 perc covered, 

Does anyone have experience using funds from an annuity fund to use as hard money down payment on purchases? My father just retired from the local union and we were going to borrow from his annuity to bridge the loan on a reo purchase to flip. Lady in the hall told him he will pay tax on it, my accountant is trying to figure a way and a financial advisor told me he has 60 days to reinvest with another fund. This makes bo sense theirs no way to defer or right off the tax owed if we tie it up in realestate. The goal is to continue using the cash to keep purchasing

Yes remove them, they're too large and can, is or will create foundation issues, sidewalk issues as well as driveway issues

Hud homes almost always go to owner occupied fir the first 30 or 45 days, once that time period has lapsed then investor offers can be submitted. If your buying the property in cash then you can gift your son the funds and he can make the purchase. If the property is foreclosed on and has passed the auction process then it is more then likely the bank has evicted the occupants already, if not and you do submit an offer and you move to close you will be responsible for eviction