All Forum Posts by: Danny Guerrero

Pre-foreclousre home on a home that was supposed to be a flip. The interior of the home is remodeled with paint, new bed and bath fixures, new molding, laminate floors and more. Home was red tagged due to contractors abandoning home while work was being done on the siding. It has left me unable to finish to the job in the time needed. Roofing and siding will complete this job. Let this be your gain. Property is in an ideal location in Everett near I-5 and downtown. Home is worth $340k without considering a remodel. 

Thank you all for your responses. Currently still waiting on the loan payoff amount in order to move forward. I appreciate the great advice.

I've been thinking of doing that also but I would need to see the numbers from the lenders first. I already sent them messages so I should have info on Monday at the latest.

Would I still need to put it on the MLS?

Thanks

The problem is the contractor left the work halfway done and he did not pull any permits (siding to be exact). He eliminated a window and the city is asking for architect plans for it, for which the current contractor is supposedly doing for months now and architects are in demand here in the Seattle area and it takes months for them to come out. But no, I wouldn't say it is half way, the interior is near 100% which was the majority of the work and the only thing left is siding and roofing which really pales in comparison to the work that has been complete inside.

Yes, we are on schedule to finish 6-8 months until this occurred and left me confused. I was in a battle with the contractor for months and he later left entirely from the state with my money as well. So I had to start from scratch again and now in a waiting game with my current contractor.

The grounds on the foreclosure are still not known at the moment as I just received a check from the lender with a sticky note saying "Monthly interest payment rejected due to foreclosure process". I make my payments however since I am past my contract date, I technically need to pay penalties for each month for which they said can be deferred for after the house sells. Thats what they told me months ago but I assume that they are now taking action using that as grounds. However this happened no more than hour ago so I am still in dark and is why I am here now. Need to know the best step to take next.

Thanks

Hello,

I unfortunatley started a flipping project going on 2 years and the lender has now started the foreclosure process. This is under an LLC and through a hard money lender.

I finished most of the home's interior and the outside of the home has stopped due a bad contractor and he left the house half done before completely abandoning the work. The city has stopped the work and I have been stuck like this for about 6 months. Been through many contractors each one leaving the house as its becoming a pain to deal with the city. I am now stuck in this mess as I don't know what to do, either continue working on the house, or letting it go. I am completely overwhelmed.

The loan amount was for $170k and the house is worth around 325-350k. It would be such a shame to leave that as is and lose everything I have done to the home. Any advice right now would be greatly appreciated.

Danny

Hello everyone!

I had originally gotten my real estate license in 2007. I had just graduated High school and was in my first year in college when I decided ( with always an entrepreneur mindset ) that I was going to go into real estate. I saw so many success stories, so many people strike it rich that I thought theres no way they can do it, and I can't. Jumped in head first and BOOM! Recession.  I tried my best for about a year and I finally had to throw in the towel. It was getting to be expensive with the monthly fees to my brokerage, I was kid and people didn't take me seriously and the economy was seemed like no end in sight. I left the industry very disappointed in myself having not being able to live the dreams I had. 

But I always said I'll be back. Throughout all the jobs I had, I knew I would end up back in real estate, its truly my passion. Fast forward from 2007 to now, and I am now working in IT, semi comfortable living and I decided its time to go back. Got my RE license a couple of months ago and now have about 4 people looking to buy houses. Its looking like a great start and I want to make sure it stays that way. So, I'm looking to become a RE investor. I have many of the right pieces in place. I have family in construction and I have been doing HW on rehabbing properties since I first left the industry in 2007. I just need to find the financing and I could do the rest. 

So that's where I'm at. Very happy to find a community of RE gurus to help out. I really wished I knew about biggerpockets when I was a bit younger, but am happier I at least found such a great site. And hopefully find the financing I'm looking for!

Any help is very appreciated!!

Danny

Hi Julian, I am also located very near you just north of Seattle in Edmonds. I am about to get started soon in buying rental properties in the Lynnwood Everett location or either in Florida like so many people do. Hope to cross paths sometime! 

Good luck!