Handyman specials how i got creative when money got tight

Handyman specials how i got creative when money got tight

Decatur, GA · Member since 2012 · 198 posts · 59 votes

I had two properties that were going vacant at the same time
one was a dead beat tenant that I had to evict after she only paid two months rent.
the other was on a house that I basically just put someone in to keep a person in the house to make sure it was occupied and wouldnt be vandalized.

I have a dedicated contractor who will do good work for cheap but he was unavailable and i was cash poor.
it looked like I may have had to just let the properties sit until I could come up with more money.

then I got an idea rent the place as is
take off the money I would have paid my contractor to do some of the work and get a handyman or licensed trade skill type guy. t rent it.

I ended up getting a skilled tradesman in each house.
one guy is an actual house builder that hit bad times during the recession the other guy works with his father installing and remodeling bathrooms and kitchens.

both these guys came signed the lease
on the first tenant I allowed him to move in with security plus 200.00
the difference was the paint and drywall repair and cabinets stained and house cleaned. that I would have paid someone else to do out of pocket which I didnt have.

gettting that money allowed me to take care of a 350 plumbing problem and a furnace issue that came up

the other house
the guy moved in for security plus 300 for the first two months less than half the actual rent because he is going to do all the painting and the bathroom remodel
some drywall repair and hang ceiling fans.

he is working alongside my contractor and my contractor has now gotten a new partner and he has okayed this guy to do the work
all things worked out.

and now my two houses have some capable people in them
who wont come crying everytime there is a minor problem

I know this isnt the ideal way to do business
but I sort of started out over extended.

I wont resort to this tact all the time I just was on hard times and needed a solution

and this seems to have paid off just thought I would share.

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Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y

You're lucky. Contractor/labor guy moves in and does work, he stops paying in 3 months and claims he has been working on the house, You evict, he files a workmens lien, you end up in court or figure it out. So it can backfire easily, ask me how I know.....second thought, don't ask. :)

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  • Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    13y

    K. Marie, the claim of equitable interest is to title, clouding title arising from a financial investment in the property which steems from the leasehold interest. If the owner condoned the work he went beyond allowing a leasehold interest (as tenants are usually barred from doing such work as a requirement for a lease), such work is not usual nor customary in a residential lease.

    It can then become a contract issue with labor and materials to the property.

    People have used the ploy of improving another's property for years to make such claims, like a neighbor who improves a roadway and gains an interest for an easement. It's tactics to negotiate an outcome as well. :)

  • Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
    13y

    Yes I would use a JV agreement w the builder to use his money, credit and labor to split sales profits, just wanted to throw out the idea!

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