All Forum Posts by: Jeff Wells

Welll I'm sorry about my "righteous anger". I do not enjoy being extorted.

Ok, here's the story. We are rehabbing out of state. This has proven to be extremely difficult and stressful. We hired a contractor to do a job for $1300. He did the job, we paid him, but there was much more that needed to be done. Yes we should have gotten a lien release when he did the first job, but we didn't. So we came to a verbal agreement, backed up with emails, to finish all the other things we listed in emails for $2200 using the same terms as the contract which states he gets paid when the job is DONE. Well, he took WAY too long, and kept trying to add more and more stuff and demanded he be paid partially for his week's "work". Well, we got zero pictures, and I had a guy inspect the work and they did almost Nothing for 4 guys and a week. And what they did do looked like crap. So we were going to fire him, but he assured us he'd have it done by Tuesday (this was a Friday). We said, ok, we aren't paying you partial until it's all done, so get it done and we'll pay the 2200 on Wednesday. The agreed. The next day, he quit, demanded we pay him 2200 plus 200 in gas which we never agreed to at all. We told him he gets nothing, since he breached our agreement and quit. This son of a ***** files a lien for $3400, a THOUSAND more than we EVER discussed. We called the county clerk and they were utterly useless. They said we had to pay it or bond around it or hire a lawyer. No one seems to care that this is blatant extortion and fraudulent. This guy did this because we are 1500 miles away. I'm not about to pay some guy 3400 bucks who did about a days worth of work and did a terrible job to boot.

Does anyone know how we can have this removed and not hire a lawyer?

I cannot believe someone can just say you owe then money and tie up the house.

And no, we will not wait a year, we can't. And no, I don't want to bond around it. We do NOT owe this money.

Surely some of you have been here before. Valuable lesson learned here I know.

Michael Rivas. He is on here. Great guy and legit HML

We have a property we are looking into. It is zoned R1, but has 2 good size houses on it on about 1 acre. Emailed the agent about buying and splitting them up but she says she had a buyer check and says it CAN NOT BE SUBDIVIDED.

There's gotta be a way. Surely it can't just be that definitively NO, could it?

My questions are:

What reasons would it NOT be allowed to be subdivided? There is no good reason I see for it to be not allowed. It would look very normal.

Is there a way around this? Petitioning etc?

Has anyone done this?

I will be consulting an attorney to see. Because it would be a big score if we could. But you guys are a plethora of knowledge so I thought I'd run it by you tonight. Thanks BPers

We have a small deposit. Less than 10 percent of the fee. Maybe I'll just talk to the guy and see if we can compromise. Thank you guys

We are wholesaling a property to someone we've never dealt with or met. In the contract we have that we get our fee regardless of whether he closes the deal. He says he isn't comfortable with that because anything could happen. Yes anything could happen. But to protect ourselves we think we need to guarantee payment so he can't kill the deal, then go back and get from the current owner a cheaper price. I realize this is a pessimistic view but honestly, people in general have rightfully earned my pessimism. So what do you think? Let it ride and hope he's honest or risk pissing him off and losing the deal? What's the norm?

Thanks Jon. The value is 40-45 and we have 22 into it. I'd LIKE to get 27ish out to save the extra. It was completely gutted and redone. Ill post this in the market place as well.

We have a house we intended to flip finished and on the market. We have gotten a few bites on buying, but we have gotten a TON of prospective renters interested. With what we have in it, we would have a cap rate of over 25% if we rented it out.

Should we decide to cash out and rent it, what would be the best way to do that? Definitely open to more experienced BPers advice here

Thanks in advance

We are having such a hard time finding HML lenders to lend in Oklahoma, but one we found will- Fairfield Financial. They are in the BP HML list, but the part that concerns me is the 2000 dollar up front fee. You have to front 2k to apply for the deal, if they REJECT it, you get the money back. If they ACCEPT the deal, and you back out to use another source, they KEEP it. If they accept and you go forward with them, they count it towards the loan.

Any advice?

You have any alternatives you would like to share with us?