All Forum Posts by: Adam Broussard

 Thank you. I'll reach out to see what we can do.

Yes, that's his website.

I'll reach out and see what everyone says.

You could say I've learned a lot during this renovation.

Almost sounds like we had the same guy. I wonder if you know of any good real estate attorneys?

Yes, he was Cajun Cupboards of LA, LLC (64499).

Yes, it was under Cajun Cupboards of LA, LLC (64499)

@Braden Smith, thank you for your reply. Yes, he was/is a licensed contractor (#64499). I just tried looking him up online and can't even find that license number anymore. (http://www.lslbc.louisiana.gov...). This is a new development because last I looked, his number still existed. The FHA consultant I guess wrote that the work was completed and the lender paid it out based on his inspection. After the money was paid, I went to the house and saw that it wasn't complete.

We've committed the cardinal sin and paid the contractor before the work was finished. The contractor walked with the money and never finished out the work and the permits. This was an FHA 203k Loan. Is this worth bringing to a lawyer? Any advice would be appreciated!

Looking forward to this!

Stephen, thanks for your interest. We are located a few blocks into Algiers Point.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in New Orleans.

Purchase price: $265,000
Cash invested: $9,000

Currently renovating this historic duplex. We will live on one side and rent the other.

What made you interested in investing in this type of deal?

My main interest in this deal was to reduce our monthly expenses while building equity. We intend to build up finances to buy a second house and then rent out the side we currently live in.

How did you find this deal and how did you negotiate it?

We found this deal on the MLS through a realtor.

How did you finance this deal?

We financed this deal with FHA 203k loan.

How did you add value to the deal?

Renovation:
Redo 1/2 siding
New Roof
Add central AC
Appliances
Paint
Bathroom/Mudroom tiling
Vanities

What was the outcome?

We are still renovating but we are pleased with the looks of everything so far.

Lessons learned? Challenges?

The biggest challenge has been slow labor from the contractors side and unexpected issues that could have been seen with proper inspectors.