A Productive Monday

Monday – normally not a great day.  Mine was productive.  I started off with a trip to Lowe’s to pick up a few things.  Shortly after I arrived at the rehab house, the plumber drove up.  I am working with a new plumber this time.  I used to work with a great guy who is a plumber but he could not pull permits.  After paying out the nose to his “buddy” to pull permits for us, I have moved on.  My new plumber is someone we go to church with and I know his family.  It’s nice to know I am helping to support the business of someone who is a nice family man.

So, the plumbing is underway.  We did pull a plumbing permit.  The hot water heater needs some tinkering and improvement, I have a number of sinks installs, a toilet, etc. 

I LOVE the way the upstairs bath is coming together.  The wall color really looks great with the white floor tile (was already in place) and the white toilet, black vanity, “brushed nickel” accents.  Very chic.  I love it!

My painter actually showed up today too.  It was a good day!  He’s another new team member. My painter took a full time (non-painting) job.  My new guy did some great work today.  Dare I say he may be even better than the old guy???  Well, I think I’ll hold off in my hopes until he actually shows up again tomorrow!

I returned loads of items that we didn’t end up needing to Lowe’s.  It’s much better to get a credit for a change.  Now I need to get someone out to haul off all of the stuff we have been tossing out back so I can get started fixing up the back yard.

Off to the Races

We officially closed on Friday!  Yay!  Over the weekend, we got into the house and got to work.  I refined our scope of work yet again.  Every time I go through I find new things to do.  I took our list of the things we need to do, broken down by room, and went through it again to see if we had failed to list anything.  I found a few things and came home and corrected them.  I now have what I think are some pretty good scopes.

The carpet came out this weekend and I am thrilled to find that the floors are pretty decent underneath.  There is hardwood upstairs in the bedrooms but we are going to carpet up there.  I prefer carpet in the bedroom and have actually quizzed lots of folks about that.  Most people prefer carpet in the bedroom so that’s what we’re going with.

The hot tub came out… with a Sawzall.  My wonderful husband surprised me by doing that today.  I am thrilled to see it gone.  Some girls like flowers – what can I say?  The deck doesn’t look too bad.  There’s a big hole in it of course but that can be fixed.  Glen, my handyman extraordinaire, will arrive tomorrow to get started on that.

Tomorrow I am meeting with my electrician and hope to meet a new plumber tomorrow.  The roof should begin tomorrow. 

Tomorrow’s schedule includes: meeting with the electrician to go over the scope, getting the roofers going, calling the plumber out for a bid, getting the deck demo going with Glen, out to Lowe’s to buy decking materials.  I also need to call Kirk, the fireplace guy, to schedule the chimney sweep and work.  My carpet guy moved so I am going to have a new guy come out this week to measure and see what I think of him.

Tuesday I will head to Lowe’s to buy what will, undoubtably, seem like half the store.  I like to go to Lowe’s over HD.  There are things I like better at HD (faucets mostly) but I have found myself at Lowe’s more and more.  I definitely prefer Lowe’s for lighting and bath vanity type products.  I am sure I will hit both stores before the week though. 

I know that I need to get to the point that I am not the one running to the hardware store.  I have found, however, that each house is unique and will need something that the last one just didn’t need and I need to go to the hardware store to shop.  So, that’s where I am still.  I really do not like going to Lowe’s… truly.  But I do like to control the finished look and I can’t give it up just yet…

Title Companies – Can’t Live With ‘em, Can’t Live Without ‘em

We have not officially closed on the house I am writing about yet.  I got an email from the title agency’s processor today asking me all kinds of odd questions – am I purchasing this house or is it an investment?Who should go on the title, the LLC or the IRA Holder?

I am borrowing the funds from a private lender who is using funds from his self-directed IRA.  The paperwork for the IRA distribution has been completed and processed and the money was wired to the title company already.  This, evidentally, is freaking her (the processor) out because she can’t figure out how this is all working.  Who is the money coming from and why isn’t it coming from the LLC???

The processor called me to tell me that the IRA holder will have to pay a penalty since he is withdrawing funds early.  Wrong!  After I explained the whole self-directed IRA business, she proceeds to say that the title must then go in the name of the IRA since that’s where it’s being funded.  Wrong again.  I explained to her that the funds are basically being loaned to the LLC and that the house is the collateral.  I thought that would make it simple enough.  Evidentally not.  She can’t wrap her brain around it.  The attorney in the office is going to review it.

Why does the title company really care where the money came from?  I just don’t get it.  They were wired funds earmarked for this house.  I told them I will be bringing a mortgage to the closing and that I want them to record it (warning that they should put the charge on the HUD).  Why is that so hard to understand?  Why in the world is it necessary for the processor to know how this IRA money is funding the deal? They have the funds and the IRA holder ok’s and initiated the money transfer. How aggravating!