Bought a property that was going to be a good deal. I've learned this may be a typical scenario, but Contractor gave a lower bid than the rest, seemed like a good deal. Gave me a price breakdown, subs he used, etc. After I signed the contract, he didn't start till 2 months later due to "family emergencies", COVID, etc. I gave him some slack. But also didn't want to shop for other contractors.
After he eventually started working, come to find out his subs were retired, and he hadn't used them in a while. Plus, he would have his guys there some days and then be short a guy here and there. Some days he wouldn't work. Eventually, we got a rough in on the plumbing, had to get a permit for all of it.
Eventually I fired the contractor, had him and all subs sign a waiver of lien. And now the permit has expired. It has been for sale for a couple months now, undone. With only 15k left in the repair funds that was financed to me.
Luckily, my one other property resigned another lease and I was able to increase rent to wear it is able to bear the payments on the house that isn't finish wear I am atleast still making $75 a month haha.
It needs electric, hvac, and finish work.
Any ideas? Should I just keep it for sale or finish it?
