All Forum Posts by: Michael McCartney

@Seth Teel85 piers for a one story home seems like a lot.

@Austin James How much would you charge for labor to install a pressure regulator at the water meter if all the trenching had been done and everything was exposed?

@Isabel Owen Probably going to try one of these two CPA's

Knocking out the drywall makes it much easier for the electrician which would be cheaper on that end. It also allows you to inspect the walls for any issues and since the building is really old it might not have insulation. Knocking out the drywall would allow you to easily rewire the place, easier for inspection, fix any issues with framing or rotted wood, add insulation and correct any other problem that may exist.

The only downside is the drywall bill will be more expensive. If it was me and I had the money I would knock down the drywall. You are on a DIY forum so hanging drywall might be something you're interested in. You could hang it and then have a pro come in to tape, float and texture it. All your wiring will be new and your walls will look really good.

@Antonio Boone You could also follow the gas line until you see it. It should be a small pipe coming off the pilot light box.

Not sure if this is sound advice as I am not a plumber but it works for me. When I light my furnace every year I press down the pilot switch and I can usually hear the gas coming out. You could also just hold the pilot button down and run your lighter around where you think it will be until it lights.

Like I said it works for me but not sure it is the safest route to take.

@Britney Gaudet In what area did you send your letters?

@Account Closed

Joel I do not think I sent you the number. I did not get a notification since I was not tagged in the post. If you still need it I will be happy to send it to you.

I use a spreadsheet. I am rehabbing something now and using a spread sheet, but I am not separating out the units (its only a duplex).

You could set it up that a unit is on each tab and you enter in all the materials and labor costs for each unit. On the first tab you can have a totals page that calculate all the different totals from the 11 other tabs.

I take 5 min each day and update the spread sheet and it does not get out of hand. I look at my credit card and see what was spent and remember how much I paid out for labor, I record that on the spreadsheet. I have everything on 1 page but in different sections (plumbing, electrical, tile, etc). I know exactly how much everything is costing down to the penny.

"It is my hope that the extra income from renting a room on my side might enable me to purchase in this market."

It seems like you're planning on using the potential rental income you will get from the other side of the duplex and the rent from your roommate to help you qualify you for the loan to purchase the property. When buying it as your homestead the underwriters will not use the potential income to help qualify you for the purchase of that home. I believe you need to have 2 years of rental income on your tax returns before you can use it to help qualify you for a mortgage.