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Updated almost 4 years ago on . Most recent reply

User Stats

83
Posts
35
Votes
Lior Golan
  • Investor
  • Tel Aviv, Israel
35
Votes |
83
Posts

I need advice on how to proceed

Lior Golan
  • Investor
  • Tel Aviv, Israel
Posted

Hello everyone.

I have a dilemma and I don't know what to do. I have this property that I bought on February 2020 and I found a contractor to start rehabbing it for me.

he eventually did me a ****** job but I got a tenant in place. after 3 months of lease the basement, that was finished by this time, flooded because of pipe bursting. I had to cancel the lease, let the tenant move out and start remediating the mold and re-finish the basement. 


Now because I had insurance, I used it, and eventually just after 4-5 months of back and forth with them, I got money to start doing all this. I found a different contractor which I got some recommendation about him from a plumber that I have used, decided to take him. But was turned out that he is too angry sometimes and he also bailed me on 95% of the job and got away!

Now, it has been passed 15 months since the acquisition, I thought that I will sell the property already but now I am stuck. I have a lot of little things to do and a contractor won't help, only handyman. So I started the pursue after a one a got one really nice, two brothers. He came by, talked about the job, talked about the terms... Which I want to pay every 3-4 days for the job that HAS BEEN DONE and not money upfront. I already got hit too much on this one from 2 different contractors and now after this 3rd one seems really really nice, has good reviews, has a certificate of insurance (Which is not fake, I have checked).... but he wants 50% down!!

Why I need to 50% down?? I am afraid that he will take the money and getaway. But I see his job on his Instagram, He and his sister has good reviews and just can't find other different people that are free in the next week or two :\ I had so much calls and I just can't find someone good that is free.


What would you do instead of me? Take this guy for 50%? or keep looking? 

(I already trued to lower him down to 25% and he didn't except)

Thank you

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