All Forum Posts by: Steven Tenaglia

Need Help in refinancing 3 sfh in Georgia. Total Value is 370-400K. We be seeking 65-70% LTV.

All 3 are under my LLC, All have be fully rehabbed with tons of equity. My original plan was so add 1 to rental portfolio and sell the other 2. The other 2 haven't received the attention we'd hope for since the market has cooled off. I've been approached about renting the other 2 properties immediately. I'm and out of state investor so local community banks might be an issue. Any help would be appreciated. Thanks in Advance

Hello BP Community,

My Situation is currently have 3 properties in the Douglasville GA area that have been rehabbed and 2 are rented and 3rd I am offering as Lease / Purchase. 2 out of the 3 where purchased with private $ (only Purchase Price) and the 3rd is debt free. All 3 purchased under my LLC. Want to package the 3 properties together as collateral. ( without an official appraisal its around $370K) 65-70% LTV is what I would be looking for. This would pay off current investors, better cash flow and help purchase future rentals. I am an out of state investor. Live in NY but do all my investing in GA. I have read other forums and I see that blanket loans aren't as common as before and local community banks are only ones offering. Being that I don't live in the Local Community, although I do invest, is that going to be a problem? What are some of the criteria / the do's and dont's about approaching a community bank? Is there any other refinancing options that would suit my needs? Any advise, articles, thoughts, previous forums help is much appreciated. Are there any lender's in the BP community that can assist? Thanks in Advance for any solutions.

ATTENTION WHOLESALERS!!!

Need SFH in Cobb County, Douglas county or Peachtree city in Georgia! need to close on 2 properties by the end of the month. I have private $$$ collecting dust!

- flips or buy and hold properties

- vacant preferable 

- 3/2 brick ranch ideal

-Douglasville, Powder Springs, Marietta, Lithia Springs, Kennesaw, 

email / call  [email protected]  516 425 1332

Hi Johnna,  

Very Interested,  recently did a flip nearby on pamela circle.  I can't get the link to open, can you send me info directly please.  [email protected].  Thanks

Only his part was 11k.   I bring in my own kitchen/bathroom cabinets company that do all my kitchens.  As well I supply all appliances, lighting, etc.    purchased for 63k. Spent 20 selling for 129.   Your fixated on numbers , i started this conversation to get help resolving a problem before it escalated any further.  Not my numbers.   I'll be sure to run my #s by you on my next project. 

Offered to pay him 800$ already.   His response was curse riddled email.   I'm trying to be done with it.  I know nothing good comes from altercations like this.    My numbers were great and budget came in lower than budgeted.  So I have no issues on my numbers.  My issue is he stopped showing up to the project & then inflates remaining balance & adding things that were never done or never Discussed.  I'm not a charity and not going to write a check that isn't deserved.   Regardless I should have put something into contract no matter how well they are recondmended.  Lesson learned. 

 He is a licensed contractor and I agree it's such a small amount I don't think he ll file suit.   It just a waste of time & money but he continues to show how incompetent he is which worries me. I already made sure crawl spaces is locked and new locks were installed on doors.  Hoping that it doesn't come down to that.   I told him I would pay what is rightfully owed but bc he felt he didn't charge enough to start he is inflating what I owed.    He actually trying to charge me 150$ for planning/ delivery & preparation.    I had to laugh at that.  

Home is on the market and I'm sure it will be in contract in 45 days time. 

Like I mentioned earlier, I didn't sign a contract or anything of the sort.  We agreed through the scope of work total would be $11,450   After he gave me the prices for certain jobs he turned around weeks later & said that he can't do it for those prices....  If he doesn't know the correct prices shouldn't be on me.   I put my offers  on what I expected the rehab budget to be.   Regardless, he sees what he charges and then sees asking price On the house for & he is jealous.    Not realizing HE gave me the pricing  upfront and I have multiple jobs to offer him going forward.  

Regardless it seems hes willing to make my life more difficult. & I want to be prepared to handle the situation

Hired a contractor to do a what was supposed to be a small renovation project.  Renovation was supposed to be $11,450.   Start to finish. 

Basically after 3 weeks, behind schedule & him not showing up to job for a full week and catching him in many lies, (saying he purchased flooring when it turns out he did not among others) we decided to part way leaving the job unfinished leaving me to find another contractor who could come and finish where he had left off.

I had paid him $7500 @ this point and in my numbers probably owed him about $600 or so more for materials ( lighting & tiles) in the house.  I told him to send me over a detailed invoice with receipts so I could pay him and be rid of him.  After 3 weeks he sends me what he calls an invoice,  more like numbers on paper, no description and way inflated prices.  Some work we never even discussed him doing.  To the tune of $1650.  About $1000 more than my numbers.    

He sent me a text that I had to today to pay.  I told him, your numbers are heavily inflated and you didn't provide any receipts?  

I never signed any form of agreement or contract with him.  It was supposed to be a quick simple reno.  I told him I'd pay up to $800 if he signed a lien waiver release form.  His response turned into a cursed filled uneducated email.  

Home is on the market and is getting great reviews.  Can he put a lien of the home?  Can I take any action before hand to prevent further waste of time and money? 

Any suggestion is welcomed since this is my first situation with a contractor.  This is in GA, I know every state has different laws.  Thanks in advance.

Much desired east Cobb location

3553 Liberty ridge trail 

Top notch schools 

ARV 285+

35-40 k rehab

(Exterior deck(s),flooring, kitchen, 2 bathrooms, front door, paint, finishing touches.)

House completely gutted & New complete roof (25 year architectural shingles ) already I installed this month. 

$$185,000$$$

Cash buyer/ quick close