Rehabbing & House Flipping
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago, 06/23/2019
Flipping partnership going to court on debate of renovation costs
I am a general contractor that partnered with 3 investors to flip a house. We all agreed to hire my company to do the renovation and agreed on a set budget and got a contract by my company. My company completed the renovation on budget. These 3 partners now are taking me to court claiming they got other estimates for the renovation and have receipts and spoke to my workers about costs and they believe the remodel cost $100k less then what the contract was set for. They would like me to provide all receipts and costs for the project. I should them the contract my company had and they said they want actual costs and not my contract. I am the managing partner and majority owner of the LLC we created and have an operating agreement that states I am the person who can make decisions on the renovation.
Do these partners have a case against me being that I hired my company to do the remodel and we all agreed to the cost of the remodel before we started?