A couple of weeks ago, Janice, the widow of the long-time friend and musician, got a letter from local Code Administration demanding some renovations. The house is three stories, built in 1892, on a narrow 34 foot lot. It's a mess...roof, gutters, downspouts, windows, chimneys needing tuck-pointed, beautiful ornate cornice work (sadly, rotted).
I have a little experience managing restoration of older tract houses...my young son and I are working on our 5th project in the last two years. But, this is different. We generally buy the little houses for $35-40,000 (80 years old, on average), spend $30-40,000 on renovations, and sell them for $100,000. Whole process takes 90 days. I kept the last two as rental units until the market rebounds.
In this case, this home was built by a wealthy, famous black lady, is the biggest home on the street, and was a rectory for a historic black church (George bought the home from his church-financed at 0% interest).
I have spent 3 days researching the history of the home, applicable Bluegrass Trust or National Register requirements/restrictions, energy and general tax credits and grant availability. Looks like Janice has funds to meet code requirements and replace the roof, which has been leaking badly for over 15 years (he would "cheap out" and get local handymen to make partial, unprofessional repairs). Now, I find out that the water damage is massive, the furnace is not working, plumbing is backed up and there are severe electrical problems.
Janice will not leave the home. George's voice is still on the answering machine. She will tell me the same 10 stories about him tomorrow she told today. She is in danger of becoming a ward of the state, due to diminished mental capacity, if the city goes inside and talks to her. Her 4 kids do nothing but take her car (A 2006 Chrysler 300M-Hemi...that's another George story) and try to talk her out of money. She has sufficient income to live modestly, but only enough savings to pay for the exterior problems.
Anyone with experience in renovating these kinds of properties? Be nice to have someone to bounce ideas/challenges off of.
I will have to choose:
* Suggest that she choose an assisted living situation instead of staying at home (she'll really fight that).
* Repair the exterior "on the cheap" and try to get grants and funding for the interior damage/restoration-there's a year wait on some available grants.
* Secure a reverse mortgage and try to do it right without spending more than the place is worth. That would be difficult.
* Let the City condemn the property and take it, preserving her funds for future emergencies and long-term care. She might not survive that.
She trusts me completely, and I'm, the only one who's willing to help.
HELP!
Russ (two left thumbs) Lay
[This message has been edited by captain Russ (edited 05-29-2010).]
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