Help

[Nightbird]

I know this isn't very Lit oriented but I need some help Litizens..

I purchased a home a few years ago and got it for a good price. The problem is it's in need of repairs.

I am not handy and have no knowledge of construction, but to make matters worse I simply can't afford the raw materials to make the repairs.

This place is in desperate need of a new roof and some other things anyone have any ideas?

 

[strwbrywfl]

You could look into prosper.com. It's a website that allows people to lend/borrow money from others over the Internet. While it's not free, if you're looking for a loan it is an option.

Strwbrywfl

 

[NaughtyLil1]

I have a fixer-upper too and have found HGTV website to be a great source of information.

 

[Nightbird]

Strwbrywfl: Thank you for the advice but I can't afford a loan. Welcome to Lit!

Naughty: Can you post the web site address?

 

[Cathleen]

http://www.hgtv.com/

Google home repair, I'm sure there will be a gazillion hit in 5 seconds.



Can you barter? What about refinancing your mortgage? You can pull some equity out. How are the rates up there? What is your current rate?

 

[Nightbird]

http://www.hgtv.com/

Google home repair, I'm sure there will be a gazillion hit in 5 seconds.

Can you barter? What about refinancing your mortgage? You can pull some equity out. How are the rates up there? What is your current rate?

Barter, probably not but maybe. Most of my money is currently being sunk into my truck, either paying off the loan for it or paying to put gas in it. I don't have very much extra, actually I don't have any extra at all.

 

[Cathleen]

Barter, probably not but maybe. Most of my money is currently being sunk into my truck, either paying off the loan for it or paying to put gas in it. I don't have very much extra, actually I don't have any extra at all.

Do you have a mortgage on the house?

 

[Sarojaede]

I'm not sure what your other repairs are, aside from the roof, but you might want to check out some of the Home Depot Clinics that will teach you how to do certain things.

http://www.homedepotclinics.com/


Also if you get DIY network there is lots of useful information on their shows as well as their website.

 

[glynndah]

Bartering sounds like a good option. Do you have any skills that someone else can make use of? They might be willing to make a trade.

 

[Nightbird]

Do you have a mortgage on the house?

Yes, I have a mortgage.

 

[Nightbird]

Bartering sounds like a good option. Do you have any skills that someone else can make use of? They might be willing to make a trade.

I do have several skills and the ability to work. I physically able to do pretty much anything.

This might be a good idea..

 

[poppy1963]

Recently Trent suggested to me to check with Vo-Tech or Technical/Trade Schools for those who need to fulfill an internship or some credits with "hands on" work. I thought that was a very good idea! Would probably be really cheap labor. As for materials....You probably will have to find a way to purchase them...

 

[Nightbird]

Poppy, thats great advice and other than being afraid of heights I am physically able to do the work. I can figure out how to work a saw etc..

My problem is getting the money to buy the raw materials..

 

[poppy1963]

Poppy, thats great advice and other than being afraid of heights I am physically able to do the work. I can figure out how to work a saw etc..

My problem is getting the money to buy the raw materials..

Be careful on the roof, NB....!

 

[poppy1963]

Actually....there are books at your local library or bookstore that tell you ways to get "FREE MONEY" for lots of stuff...Go check 'em out! Or...google "free money"...

Googled "Free Money"

 

[Nightbird]

<-----
<------
<-------- Is Chicken of heights and WON'T be going on a Roof..

But I am able to paint, fix windows and stuff.

 

[Cathleen]

Yes, I have a mortgage.

Why not look into refinancing? You said you got it at a good price, what is its worth today? What are the interest rates? Talk to your bank. Pull some of the equity out, buy the materials...

Poppy's idea of a Vo-Tech school is excellent.

I'm going to google free money!! Bye ya'll.

 

[strwbrywfl]

There are some lenders that will allow you to borrow up to 120% of the value of the loan. Part of the reason for these loans is if you need money for repairs that will in turn increase the value. While this can be very risky, it can also be a good way to get some money for needed repairs. With that said, you indicated you did not have the money to pay for additional loans, so this may not be an option, but wanted to put it out. This way you would potentially obtain a lower rate than elsewhere and the interest on it would be tax deductible. If you expect your finances to improve over the coming future, you could even potentially use some of the funds to pay the increased payment amount.

Strwbrywfl

 

[Ezzy]

Yes, I have a mortgage.

Then the mortgage company will most likely be willing to either refinance your first mortgage, or give you a second mortgage for essential home repairs, and there is no more essential repair than to a roof.

How long have you had the house?

How much time is left on the mortgage?

Did you pay for an inspection before you bought the house?

These are the questions you will need to answer for yourself, before you speak to the mortgage company, but if the answers are, several years (3 or more), 22 - 27 years left, and yes. Then they will most likely cut you a check and help you move forward.

If you really want to score, look at getting 3 quotes for the work that needs doing from reputable general contractors (in your area), average out the three quotes, and apply for that amount of money as a home improvement loan. 97% of the time if the figure is ballpark for the type of work you are asking about, mortgage companies don't even quibble.

Once you have the check in your hands act as your own general contractor (legal to do so in the US on your own property), then look at the specialist firms in your area for the work you want doing, (in your case go to several (3 is always a good number; as it gives a better idea of the "real cost"), roofing companies and ask them for quotes. This quote is going to be way down on the cost the general contractor was going to charge, as he wanted to take some profit on hiring in the specialists. Repeat with any other jobs that need doing, but only the jobs that need doing. When you have had the work done, you will be left with about 40 to 60% of the amount you borrowed still in the bank, take the money and pay down the mortgage or the refinance and just save back enough to have the home assessed again, by a reputable property assessor $300 - $500.

Low and behold you will find the assessed value has gone up and your debt on the property will have probably gone down, and the whole process actually put you in a better financial position (due to the improved equity in the property) than you were before you started.

 

[emptynester]

Not sure what the law is where you live but in our state the city can come in and give you a grant to fix up the roof, heating and air, etc. You have to qualify based on income. In other words, you can't make to much or they will disqualify you. I have no idea what that amount is, but I think they also take into account how many dependents you have, etc. You will have to probably give them tax returns etc. but it is worth looking into. The only stipulation is they usually put a timeframe on the sale of your house. If you sale it or even change how it is titled over say a two year period, you are required to pay that money back. If not, then you have nothing to worry about. Again, though, it is soley based on need, income, dependents, etc. You have to prove you need the help and can't afford to pay for the repairs or take out a loan for anymore money.

Hope this helps. Good luck.

 

[Nightbird]

There are a lot of great ideas here.. Thank you everyone.

I'm not sure about the differences in the law between where I live in Canada and you guys in the U.S.

Most of the quotes I've gotten for the roof are in the 3 thousand range.

 

[Eilan]

Poppy's idea of a Vo-Tech school is excellent.

I agree. My ex teaches at one, and he's gotten his students to do some minor repairs on his car. All he has to pay for are the parts. They do good work, and they're working under supervision, so things won't get too fucked up.

 

[Nightbird]

The Vo-Tech school idea won't work here because of Liability and insurance issues.

But it was a good idea.

 

[emap]

I am really surprised nobody has said this one yet.

If the material cost is what is holding you back, try going to buildings under or just finished construction and talk to the workers. They always have extra materials and cut off's.

Also, if you are in need of insulation in your attic, go to a grocery store and either ask or go out back and grab their cardboard boxes, the waxed ones are best, less chance of burning, but any boxes wil work, though getting an extra smoke detector for the attic is a good idea.

I must say that the boxes are only good as a temporary fix, they decay rapidly not to mention rats and mice will chew on them. However going to construction area's is a really good way to get ahold of alot of the materials you need for a house, rarely anything big, but if your only patching it is enough.