All Forum Posts by: Bailey Coleman

He painted the entire floor after previously spilling paint all over. They spilled MORE paint after and did a touch up. You can clearly see the touch up because he used a different color then before

 I agree half*** work is highly subjective. But he also threw away my materials/extra paint/paint brushes/etc. All stuff I wanted to reuse because it cost money that I paid for. This is a waste of my money. Also he ruined the floor by spilling paint all over the floor and then they had to repaint the whole floor and they charged me for the paint when this was never in the contract. They were just messy and seemed to be cutting corners. We did not really have a contract.  More so just text messages. I learned a huge lesson to have a clear contract. I guess I assumed he would understand my expectations. I thought he would take pride in his work 

Mechanic Liens can only be put on your property if the person is licensed correct? This guy is only a handyman so I believe he cannot put one on. Keep in mind I am all for being fair and paying people but I do not want to pay this guy. I do not think it is fair and I understand he can go back and fix some stuff but at this point I am good to cut tides with him.

I included some pictures for reference. Let me know what you think. I want to know if I am overreacting or not lol 

I bought a SFR in a decent neighborhood on the east side. I am an out of state investor so I had to manage the project renovations while not being there. The contractor I hired did not do a good job and I feel like they are screwing me over with half *** work. I already paid 50% of the agreed price and I still owe him like $800. Is it okay not to pay them because the work was not good to the point where I do not think the house is going to appraise for what I want it to. They also took too much time doing the renovation and threw away all the reuse-able material that I bought away in the trash. This experience with this contractor has been a nightmare. They also left trash in the house. I had to have a friend take everything out. Has anyone ran into a problem were the contractor did not perform. I am thinking about not paying them due to these reasons.

Anyone know good property management companies in Cleveland Ohio? Also which ones should I stay away from ? 

When is the quickest I can do a cash out refi? I bought a property in Cleveland, OH all cash (for 43k) I put 15k in for the renovations and I a should be getting a tenant in there in two weeks. I want to get it appraised and pull as much equity out as soon as possible so I can buy another property

Quote from @Jay Hurst:

Quote from @Andres Manco:

Hi BP community,

I own a duplex since 2020 and just bought (01/2023) a SFR to fix and flip. I have both properties under my personal name.

In the last few months I have been trying to get more active into investing, I am getting my Real State license next month, etc

I know there is a lot of benefits on having your properties under LLC for liabilities. But also I read online, that I can't use FHA or conventional loan sold to Fannie Mae and Freddie Mac with an LLC.

I already used my FHA with the duplex and I can still use conventional primary residence home to buy 1 property.

Is there a way to use all the available personal loans, FHA, conventional primary, vacational, etc and then add those into an LLC? or do I need to keep those separate from the LLC?

Should I just focus in the LLC and whatever loans are available for it?

What is your best recomendation to take advantage of all posible loans?

 @Andres Manco You can simply get a conventional loan, close it in your personal and then deed it over to your LLC after the fact.

Fannie Mae transfer to LLC

If you deed the property into your LLC, wouldn't this allow the lender to exercise the due on sale clause. I know 9 out of 10 times they never do but just curious if they would be able to if you deed it into you LLC

What are rates looking like for a typically hard money loan today? 10-15% ????   How many points are they usually charging too? When I underwrite properties I have been assuming they are charging 15% for the hard money loan. So I use that number in my calculations 

What about using hard money? Or can you raise private money from a family member?