I've got a mechanic's lien, now what?

[J. Pablo Fernández]

Hello,

I've bought a property through an intermediary that was running a turn-key property business. The intermediary paid some of the money, some of the property was built, and then they disappear with the rest of the money. They promise they'll pay it, but they run away.

I contacted the construction company to understand what was going on and I offered to pay them out of my rental income until we managed to extract the money from the intermediary. They stopped responding to my messages. I understand it wasn't a great deal for them but I was trying to make them whole.

Today, they put a mechanic's lien in my property, just as I'm getting my first tenant in. This is my first time dealing with this. Any ideas what I should expect? What should I do now?

Thank you.

[Jay Hinrichs]

every state is different but it wont preclude you from renting it..  you wont be able to refi or sell it without paying it off and do be careful there can be an interest rate component that can be quite high.. although subs will usually discount if your actually going to pay them in full.