All Forum Posts by: Ethan Hamilton

Hey @Justis Barnhouse Welcome to BP! I was born and raised in Lincoln, but now reside in Omaha. I've got a couple of rentals in Lincoln and a flip going in Plattsmouth, NE. What kind of real estate are you planning on investing in?

Welcome Chris! GBR!

@Colton Heller GBR and welcome to BP! Have you started looking at any SFH's as of yet?

Yep all finished, came out really nice, tile, granite, glass backsplash all look really great. Had some issues with the contractor, who I won't be using again, but I'm passed all of that and have it listed on the MLS with a broker who is still allowing me to sell it by owner. I assume I'll have to pay a seller's agent 3% but still am looking at around a 15k profit. Not terrible for a first flip considering I did just about everything incorrectly, lots of good lessons learned and ready to get it sold and move on to the next one! You working on any deals right now Matt?

The contractor insisted there was a 5-10% charge for overages up front. I wanted to make sure that was covered before seeking advice.

Thanks @Derreck Wells the issue is she's been paying contractors cash under the table, so that "work would get done faster". Again something I'd assume she would like to avoid, especially in a court of law.

I'm having a big issue with a general contractor who just finished flipping a house for me.

Contractor wrote me initial contract for $39,000. I signed it.

Work began and a few change orders had to be made, one for $5,350 for plumbing, electrical, hvac another for $8,000 shingles, painting cabinets, staircase, I signed both. Total for project now $53,850.

Now contractor sends me final bill and says with overages and add ons the total is $73,000. Work has been completed and we have paid $62,000 to date. She is threatening placing multiple liens on the house. I have asked for an itemized list of all charges, material costs ect and she will not provide me with one.

Any insight that you have even if it is very preliminary is much appreciated during this time of uncertainty. Many thanks to any and all who have experience or knowledge surrounding this issue!

All about it guys, it doesn't have to be huge, let's start small, get together once a month or two and start sharing best practices

Wade,

Definitely! I'll keep you posted on how it goes. Are you ever in Lincoln? I'm always up for coffee or lunch and find myself in Lincoln fairly often as of right now.

Ethan

Wade and Sean,

Thanks for reaching out. Things are actually going pretty well, I had a wholesale deal in Plattsmouth, NE that I could've made a quick 4k on, but instead decided there was enough upside where I could go ahead and rehab it as well. The house is going to hit the market this week after a 5 week rehab that I subbed out to a GC who was a friend of a good friend of mine. Needless to say lots of lessons learned, it's a week beyond the initial timeline and the budget has increased, but we're still in a good position to make a solid profit on it and move on to the next opportunity. Already have the next opportunity lined up when this one closes with a motivated seller! This next one will be in the Omaha metro. Tell me more about what you guys specialize in? I'd like to get back to more wholesale deals, you can sleep a lot easier at night that way! I'll definitely let you both know if I come across deals that may be of interest. I currently have two rentals in Lincoln right now as well.