Standstill in my current deal

[Derek Mendez]

Hello everyone

First off want to say I love this site. Already got great info and hoping someone can shed some light on this particular issue.

Had a deal with partner. Partner left, so I ended up stuck with loan in my name and a massive project to work on. I had no clue, since my purpose was just the passive investor in this deal. So lender recommend a gc to take care of this. And I would come up with remaining difference after draws are used up. We came up with number of what I need to bring based on project estimate by gc. Well it seems to go well at first then the gc started taking longer and longer to get things done. Started saying not enough money. and that more was needed and he had to pay more to get it done. U expected issues arose and had to be taken care of.

We all met, lender and gc and me. Came to agreement That I’ll front only bit more 3k and gc will cover the rest, as anything above his budget was on him. Thought we would be end of the issue..... it wasn’t. Made some progress then stopped. When asking gc, he kept saying he trying to finish other project to get money to pay for my house. He put all his profit into my house. He can’t control when he gets paid. When I asked to show receipts of the extra cost for everything his been telling me, he told be it’ll take couple weeks to get those bc they with accountant. I asked for the subs number so I can get the receipts from them directly; he refused bc he not comfortable in sharing his subs contact info. It was weird he wouldn’t give me their contact. So I went to township and got copies of the permit he submitted and called the contractors that’s on there. Only plumber responded saying he only got paid the deposit and waiting on the next draw for finishing the rough work (finished in December), he was also waiting on being paid on other projects he was with gc. He does works with the gc often, he said, told me he had some trouble with other projects and was told might be delay in getting paid. He didn’t seem upset on anything.

It appears gc may have a lot of projects on hand and not enough money to finish them all, I may be shunted to end since good portion of draws was already given by the lender/me to him.

I don’t know what to do at this point

Tell lender to take property back? Only up to rough work is done, most inspections done except finals

Sue gc for screwing up this project. He told me 3 month, and yet we running into 8 months now. Won’t show receipts of actual costs.

Sue lender for giving crappy recommendations?

Any thoughts or advise would be appreciate,

Thank you and sorry for the huge dumb.