All Forum Posts by: Josh C.

Bob should have paid his bills. Forbearance was for people who were affected by COVID 19. Bob wasn’t. Bod is a bum who doesn’t deserve low rates.

Plus if he can’t refinance his place for 100k he has to sell? Where’s all those $7,000 per month mortgage payments money since he hasn’t been making them and $16,000 per month paycheck money?

Bob sounds like the type of guy that would borrow your weed wacker and never give it back.

Bob isn’t a victim, he just sucks.

This sounds good and all. But I wonder if they really understand the details. I sold energy equipment (solar, networks, factory automation etc) for a long time and can tell you it not happening without major increases cost to the customer. Heat pumps are better than resistance heating but still more the gas for heat. Solar and wind are just not efficient for big time without major over building to deal with peak time. Our local wind farm only sells 40% of production because it’s impossible to forecast. If they want to really make a big difference go nuclear for electric consumption and change how concrete is produced. People heating their homes is but a drop in the bucket. Classic buzz word politicin’.

I had this problem as well. I had three duplexes I bought in 2015 in up and coming neighborhoods and went up in value. I sold them all and bought a bigger place. Also, I hear people talk about the 1031 over and over again, but I wonder how many have actually done it. There is a lot of nuances with it and for me it wasn’t a great fit. Too much to go into now, but sit down for a hour with someone who actually did one a few years ago and if they still like it. A better fit was a cost segregation on my new building that more than wiped out my liability on the old ones.

Final point. Don’t let the tax tail wag the investment body. Lots of other factors to think about except paying for schools and police.

Good luck and it’s a nice problem to have.

It is unfortunate and I would suggest you drastically cut your lifestyle and sell anything you can to avoid bankruptcy, but if you are authorizing the bank to release funds I don’t see how this is the banks fault. A suit seems unlikely weather or not they did inspections as you are telling the bank to draw on your line and pay the contractor. You told the bank it was OK to release funds and it seems logical the bank trusted your judgment and didn’t need to do the inspections. It’s a bitter pill to swallow, but hopefully will be a great lesson moving forward about never giving a contractor you don’t know huge draws.

Good luck and avoiding bankruptcy should be of highest priority. Hope you make it up on the next one. Even after I had completed several flips that went well I lost money on one. I had a contractor I used for years run off with a big draw check just last year. It happens.

@Jon Greer

Your title say you are a contractor so it must be a local thing, but this is a common practice in our area. The GC will charge 20% or whatever over their costs. But they don’t do the labor. It’s the fee for managing the project.

Post “no murders”

and see if they make you change to “no murdering on site allowed”

Smokers aren’t a protected class, you are within your federal rights to do that. Now some areas, probably Seattle or the like, with make it against the law to discriminate against anyone regardless of their homicide past at some point if that’s not city ordinance already. 😂

What’s the plan when the $225k runs out? At point you’ll need a job at some point. If you got one now it would solve your income problem.

@Jeff Small

I think That’s a very local thing. Not the case in Indiana. East to start businesses here. Little red tape and they actually provide free training and help. I see you are from Jersey. I have family in cherry hill and whenever they come visit we talk about property taxes or car insurance or what they went through to try to get a screened in porch on their house my mind in blown. Big blue states just create big problems for little guys. I don’t get it.

But back on topic of the OP. If you are working 95 hours a week and not seeing a clear path to money something is not right. I’d recommend the book profit first for ensuring profitability. Margins can be slim and are in lots of businesses but if you are killing yourself working like that and not making good money within 9-12 months something is missing. Don’t ever work for free, even if you are the boss.

What’s a Rothschild doing buying a 34k house? Thought you guys were trillionaires?

Just kidding, that’s a solid deal. Good luck out here.

@Jacki F.

I might encourage you to watch some youtube videos on things you are having done so you’ll have some understanding for what something is or how involved it is.

I’m dealing with a client right now that paid a rotter router over $16,000 to deal with a plumbing issue. You could re-plumbed the whole house twice over all the way to the street for 16k. But she is new and had no clue. So learning a little about maintenance and construction could help you not get taken advantage of and also help you know what is reasonable and not reasonable to ask of your tenants.

Good luck and YouTube is your friend.