All Forum Posts by: Daniel Galvan

Hello, 

I just wanted to post an update on this topic about the situation with the roofing contractor. As i mentioned there is some work that is left unfinished and some small damages that need to be repaired amounting to roughly $1500 . I got tired of chasing the guy so I reached out to the local attorneys in my area and one of them suggested for me to get information on civil court lawsuits so I did that and I sued the contractor. 3 months later we had our hearing and I was awarded about $600 and in the mean while I've learned a couple of lessons.

1. The process is not as bad of a hassle as I though. Filing was fairly simple, there is a long wait though but the paperwork is not that bad. 

2. Witnesses are key in court. The judge will listen to your case and plea but will not considered it in the judgment unless it comes from a witness. For example, in my case, he would not consider any quotes from other contractors as evidence for the cost of repairs, the judge wanted the actual representative of the quoting firm present as a witness. 

3. As an alternative, the judge would have considered any payed/invoiced repairs as evidence so if i would've gotten the repairs done and payed for them, he would have awarded me the costs.

4. No other roof contractor would testify against the bad apple. I dont know if there is an unwritten agreement between them but other contractors dont want to testify against each other. 

For me this whole process was worth it. i was mad enough that it really wasnt about the money/time i put in... and if this is your case, try it... what do you have to loose?

Hello,

I'm looking forward to begin my buy and hold investment career next year; I have some financial goals that I want to complete before investing. However, in the mean while I have strong desire to get hands on experience to learn the business via either assisting an investor or part-timing with a company in the field. If my goal is to be a buy and hold investor buying 1 property per year, who should I be looking to work with: 

1) A wholesaler to learn how to find deals, 

2) A real estate agent to learn the process and network,

3) A contractor to learn skills and to do better estimates, 

4) A property manager to learn land-lording skills?

@Brian lobb, Thanks a lot for the LLR suggestion; that's a good idea that i had not considered. 

@Mike Dymski, Thank you for the recommendation I'm also going to contact a few local attorneys to see if any of them have anything already in the works with them that I just can tag along. I've learned my lesson...

I thank you both for your time and wish you successful investing!

Best Regards,

Daniel

Hi, Before I begin, thank you for taking the time to read this question. I have a dispute with a roofing contractor; he left some work undone that might not be worth suing him for. Are you or do you know any real estate attorney in SC upstate, Greenville or Spartanburg that I could consult with? Also, what's the best way to leave contractor reviews so that others know what they are getting into. Thanks and good day! Daniel

@Arianne L., thanks for the information and sharing how you and your in-law structure your deals. Also, your guys' website looks great congratulations! 

@Paul Timmins , thanks for the list of links! 

Risk aside, I guess I am still struggling to understand with how one gets better returns when one is leveraged than when buys outright. I'll be doing more research to understand the topic better in my own terms (It'd be great if you guys can refer me to videos or blogs where this might be discussed.).

@Jeff Graves Thank you so much for your thoughts. I totally get the point and give me some points to consider. I don't necessarily consider loans as risky, I'm coming from the point of tying up the loan payment money and having negative interests to pay VS getting that payment money to work for me some other ways (lending, flexibility in negotiations, etc.). For sure I'll take your comments into consideration when I'm ready to pull the trigger. 

Greetings from SC!

Daniel

Hello everybody!

I've just started following the BP podcasts and discussions and find all the information very useful; thank you everybody for sharing! 

I'm looking to get started as a buy and hold investor on rental properties in the SC upstate area within the next year. I have a 9 to 5 job that I plan to keep but I'm thinking of real estate as an additional way to invest for retirement, kids college and lastly to increase cash flow. 

My current plan for my first property is to save up and pay cash for it; however, on the podcasts interviews and BP discussions I always hear of investors using loans to finance their deals, using whatever cash available as a down payment for a 'bigger deal' and even using the equity on their properties (even personal home) as a way to leverage their next deal. In my 'investment' situation (and perhaps short sighted newbie view) I equate the experts' approach to getting loans to invest in the stock market and therefore I cant imagine why I would want to have mortgage payment on my investment. Why am I wrong?

I'll appreciate and thank your advice on why my approach is contrary to that of the experts.

Thank you again being active and sharing in the great BP community.

Daniel