All Forum Posts by: Account Closed

I checked the county website and couldn't find any permits pulled for my property, if he didnt pull permits what does that mean for me? Seems somewhat fishy... 

My home was damaged by Hurricane Florence a few months ago so I hired a general contractor to manage my project from start to finish. We had a verbal agreement to be finished before Thanksgiving but he keeps saying he will have it done in a couple weeks and that "he won't leave me hanging" He also claims to be BBB certified but I checked and he isn't. I have really had to dig for any info on his company and finally found reviews from people encountering similar problems as well as hunting people down for unpaid money. He keeps asking for my insurance deductible but The contract says that isn't due until the work is completed. The contract is vague and basically only States I owe him money upon completion of work. He has been paid $7000 for demo, new roof, and putting up drywall as well as mold/ water remediation. There is no written scope of work or timeframe only verbal. I am getting out of the Military on Jan 17th and am moving out of state with my wife and kid so this place HAS to be done by then so I can get it rented out and not he  paying for a vacant home, not to mention I'll be losing my paycheck temporarily unitl I get a new job. Any suggestions? I have sent him an email today stating I was unhappy, he had until the 10th of Jan to finish and if he couldn't to let me know as I would hire somebody who could. I also listed what needed done and re done. How can I legally fire this guy so I can get a good contractor in to finish the job right??

Thank you, it seems most HML's are not "first time investor" friendly and quickly tack on up front and holding costs.

 I apperciate your insight, that's a very good point. Thank you 

Yessir thank you, I used the BP calculator and came up with a MAO of $32k

Quinn, 

I really appreciate that feedback and advice! I'm glad you mentioned the standard buy/sell contract as I did not think about that, I just assumed. I did use the BP calculator and factored in HML costs from a few I have spoken to.

Joe, I went through the house and itemized everything that needed done as well as labor and then added another $10k to be safe. Comps were similar sqft and 3bd 2 bath in the same neighborhood that have sold within the last 6 months. All my mentors houses are within a half mile.

I am really interested in pulling the trigger on what I think is an awesome deal. 3 bed 2 bath 1600 sq ft property on a golf course lot. It is in an amazing private neighborhood, matter of fact my real estate mentor is buying 3 house in the same exact area. They were all flooded due to Hurricane Florence. My mentor is putting about 30k - 60k of repairs in his deals being about the same size and same scope of work. Listing price is $50,000 Im estimating repairs to be no more than $60,000 and it sold in June of 2017 for $138,000 while current comps are in the $150,000 ball park. Even if i bought for the asking price (50K) put in 60K of repairs and sold for 140k i would still make a 30k profit being conservative. I think this is an awesome deal im just kinda overwhelmed as it would be my first flip!! 

Awesome, thank you Jennifer!