All Forum Posts by: Louise L.

 I've got him off the permit. There is a roofing guy owed money but he isn't going to lien us because he is owed from other jobs from this builder so is suing him. I've checked in with all the other subs and they have thankfully been paid.

 thank you! yes i have the permits and plans! i do have funds to pay and then be refunded 

 yes roof siding windows are all on!

Hey There

We've ended up in a tricky spot and I'm trying to figure a way out of it.

Bought a property to STR in georgia. 6 months later it burnt down.

We got the insurance money and decided to build a second place in the lot next door. Insurance covered one, we covered the second one with our cash. Builder ends up screwing us over and we are out $250k which we are in the process of trying to get back.

In the meantime, I'm trying to get a private or hard money loan to finish the builds

Current mortgage 273,000

Rehab 1 - 150,000

Rehab 2 - 150,000

Current value for both places approx $350,000

ARV $1,000,000 for both

Plan is to refinance and hold as STR

I feel that these numbers are reasonable - am I missing something?

Hey There

We've ended up in a tricky spot and I'm trying to figure a way out of it.

Bought a property to STR in georgia. 6 months later it burnt down.

We got the insurance money and decided to build a second place in the lot next door. Insurance covered one, we covered the second one with our cash. Builder ends up screwing us over and we are out $250k which we are in the process of trying to get back.

In the meantime, I'm trying to get a private or hard money loan to finish the builds

Current mortgage 273,000

Rehab 1 - 150,000

Rehab 2 - 150,000

Current value for both places approx $350,000

ARV $1,000,000 for both

Plan is to refinance and hold as STR

I feel that these numbers are reasonable - am I missing something?

 Thank you. We do have Title insurance.

Thanks very much for your reply.

Thanks so much both of you for replying. That is a relief. I didn't understand why they were trying to palm it off on us.

We bought a property in Florida in January 22

6 weeks later we get an email from title insurance saying there was an issue and basically it was a mother and daughter who owned the property but only the mother put her name as the seller. So the daughter has not signed.

They tried contacting them then end of June send a quit deed claim overnight. It was received but no response from them. The title insurer said she was going to speak to an attorney and she would provide us with their details for us to contact them - are we just supposed to deal with this now? It doesn't seem right?

Also what even is the process? Can this be resolved or can we lose the home? If we lose it what with the title insurance cover? We've put a new roof on and done renovations inside and out. Plus the appreciation.

Any help or insight greatly appreciated.

@Luka Milicevic

Thanks so much for all the insight! I’m glad I’m not the only one. I would much rather just go down there and stand in line to be able to see someone face to face!

I’ve spoken to David in person before we left so I’ll try emailing him.

Thanks again for the help

Hi Avery

 That's helpful just to know it can be done! Thank you I will keep trying :)