Archive for the ‘Renting Real Estate’ Category

Will an insurance company insure our home if there is a unpermitted cottage?

Tuesday, November 17th, 2009
Happy asked:


I’m in the process of buying a foreclosure home (Saratoga,CA, can’t transfer the insurance since it has already lapsed) that has a detached unpermitted cottage (2 bedrooms, kitchen, bathroom and living room total of 900 sq ft), the main home also has a unpermitted converted garage that is used as a in law quarter (separate entrance and full bathroom), it also has a unpermitted sun room too. I really love the home and tried looking for home insurance but it looks like no one will insure me. Is there anyway I can get insured for this property without having to lie about these unpermitted additions to the insurance company? Any advice would be appreciated and any suggestions which insurance company would insure me for a reasonable price. Thank you in advance.

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Posted in Renting Real Estate | 2 Comments »

Where can I rent a dumpster for yard pick up or construction in Ogden?

Tuesday, October 20th, 2009
John S asked:


I am getting ready to do some clean up in my yard as well as some construction to my home. Who can I call?

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Posted in Renting Real Estate | 4 Comments »

What is the legal definition of a commercial drywall company?

Thursday, March 19th, 2009
JR asked:


The liablility insurance that I have claims that I am more of a remdeling contractor than a drywall company. But yet we installed over 1,000,000 sq. ft. of the product last year. Most commercial contractors do instal both metal suds drywall at the same time to ensure a rigid durable wall system.

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Posted in Renting Real Estate | 3 Comments »

If we have the sale price lowered on a home for repairs can we still borrow the original offer price?

Wednesday, June 11th, 2008
spoiledbabykitty asked:


We are in escrow on a REO home in Lancaster, CA that we offered 200,000 and as part of the escrow process it was officially appraised for 210,000. During our home inspections we found that there was a leak from the master bath where a few tiles had come loose (we think the previous owner accidentally knocked a hole in the backer board when redoing the drywall on the opposite side of the wall). After seeing this we had a mold inspection (which came back positive for water damage and common mold in the drywall), and have an estimate by a licensed mold remediation contractor for the repairs. Our Realtor has told us that the bank should lower the home price for the costs of the repair but my question is whether we can still borrow our original offer price and use the extra cash to make the repairs. Due to our financial situation (banks don’t want to count capital gain as income anymore), we are already putting 60,000 down for the loan and it would make more sense for us to get the extra cash from the loan then to take it from our personal saving. Is this doable especially considering the house is worth more than the adjusted price would be after we negotiate for the repairs?

Please don’t post anything trying to get me not to buy the house. This is the perfect house for us and all other inspections have come back fine. Once the repairs are made the problem will be fixed and it’s not worth walking away from the perfect home because of something fixable.
Just to clarify why I think this may be possible. I know you can borrow against the equity in a house you already own and this home is appraising for more than our offer. The lowered home price we be counted as a credit for needed repairs, although I’m not sure on the details on how this works. Also in response to one answer about the ability to actually buy the house, yes it is able to be bought and the banks actually have protocols for reducing prices based on mold.

Oh and thanks for the one yes answer but do you have any more detail to add?

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Posted in Renting Real Estate | 4 Comments »

OK, so I want to start rehabbing real estate, and have a plan. but how does one finance this?

Thursday, May 29th, 2008
indiginouslizard asked:


I am a student (university) who is getting ready to finish and move on with his life. I have a wife and child and I’d say I’m fairly competent with a hammer and saw (a figure of speech). I have a collection of trusted contractors and I have several 3-ring binders (at least 10) with a plethora of plans and design products/ideas that I have amassed throughout the years. These range anywhere from counter tops, to drywall, to floor plans. The only thing I have left to learn is how to finance such an expedition. Obviously, I do not have a lot of money right now, given that I am a college student.

I looked at http://geltfinancial.com/loanrehab.asp
Is this place reliable? What options do I have?

PS: I would like this to be short-term investments (e.g., 1mo. or less–and yes, I can do it in less than a month).

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Posted in Renting Real Estate | 5 Comments »

I’ve been improving my home. Do I need to send subcontractors Form 1099-MISC?

Tuesday, May 20th, 2008
qriusjorj asked:


This past year we improved our home. We hired subcontractors to do the majority of the work (plumbing, carpet, drywall, finish trim). We paid several of these contractors more than $600. Are we supposed to report their earnings to the IRS and furnish the contractors with a Form 1099-MISC? I’ve never done this in the past but someone told me I’m supposed to be doing this.

Thanks for the help!

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Posted in Renting Real Estate | 1 Comment »

Cost to restore gutted house, no drywall, flooring, etc. 1744 sqft in CA, Good roof, fp, gar. Nothing fancy Tx

Saturday, March 8th, 2008
dunkle asked:


House was gutted for a major remodel but the contractor ran out of money. The location is to die for. We are wondering if non-contractor folks like us can hire one contractor to bring it back to a useable house, and if so what would be some ballpark number for cost in California. Thank you so much.

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Posted in Renting Real Estate | 1 Comment »

A contractor flooded my house – do I need a lawyer?

Friday, February 15th, 2008
murray8144 asked:


I bought my 3-story townhouse 2 years ago. The builder has a 2-year warranty for nail pops and settlement cracks, and while they were in my house repairing those for the warranty, they broke a pipe on the 3rd floor, which flooded the entire house. They immediately hired a remediation contractor, who gutted and dried the house. The remediation contractor has also begun to put up new drywall and paint. So far, they have been very responsive; but nevertheless, I have been living in a hotel for 2 weeks with another week to go. I won’t be paying a dime for anything, and between them and my insurance i’ll have everything back to normal soon, so is there any reason to hire a lawyer. Is there any compensation available for the hassle and the aggrivation/stress? Thanks all!!

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Posted in Renting Real Estate | 5 Comments »