Long Distance Property Owner- Augusta, Georgia

[Hope Hendricks]

Hello BP,

I was hoping to get a little feedback on my current situation. I purchased a home outright to use a rental property in Georgia a few years back for $30k that’s is currently valued around $100k but I live in South Florida. I hired a contractor who pretty much burned me and the money I used was my own capital. I was able to get the roof, electrical, and an open floor plan completed but the contractor was very unreliable. Literally dragged his feet.
I want to keep the property since I don’t carry a mortgage but a part of me just wants to sell it.

1. What creative ways did any of you use to fund your home rehab projects without using your own capital?

2. For long-distance property owners, how were you able to ensure your projects were completed?

3. Would you continue with rehab or just sell?

4. Is being burned by a contractor simply a rite of passage in this business 😭🤣

[Kerry Noble Jr]

maybe see if you can get a HELOC on it. Use that line of credit to fund other ventures. also, find boots on the ground that can verify the work before you pay the contractor.......thats apart of my business model actually