All Forum Posts by: Kevin Sapp

My 85 year old father in law has a house in Denver, Green Mountain Estates that he wants to sell soon. The house is split level, 4 levels, 3 bed, 2 3/4 bath, large two car garage with about 3000 total square feet including the unfinished basement.

The house is very dated, harvest gold bathroom fixtures, green stain, 2 hinge flat green/brown stained flat panel (luan) doors. Kitchen has cherry cabinets, but green cork floors and green wallpaper.

In y'all's experience what is it worth to a rehabber to hold the note and ask for a share of the profits? Other options to maximize profits?

I'm working with newbie rehabber, providing a small loan to purchase an all brick including basement 2000 square foot SFH in a decent small neighborhood. Term on the note is 1 year and started October 2013. First payment was late and required threaten foreclosure. Since, all payments are automatic payment now, no problems. The payments are all current. But... No work has started on the property in close to 9 months. I do to feel it is my responsibility to remind a rehabber that he is wasting time and money, but I would like to see the property work started. Ultimately, I would prefer a clean exit and success for the rehabber.

Suggestions?

Have a deal that is falling through a with an existing builder and looking for a rehabber or general contractor to provide estimates and take over the work. Property is mostly completed. Exterior is finished, interior framed with plumbing and electric, needs insulation, drywall, paint, flooring, finish plumb...

Thanks
Kevin