All Forum Posts by: Marcin Nurek

Sorry, can't tag names. Not sure why.

I can tell you who NOT to hire! So far both sides of the border (IN and IL) did not turn out well for me recently.

Are you doing the rehab remotely or will you be on site to pilot the project?

Best I've seen is 80% LTV on refi for the area. Try Centier Bank, they are a local bank that is very friendly.

Ok, I need to vent a little, so here is the story. Started two SFH flips pretty much at the same time. I wanted to diversify the risk and hired a new unknown contractor based on agent's referral. After weeks of delays and totally substandard work, I have fired the GC today. Now I have a house that won't be ready as planned of course. My A crew has another house already lined up and won't be able to help till January. I would rather delay the release on market and make it my way (great craftsmanship) than rush and be ashamed of the work.

If you have a good reference, please send me not only contact info, but link to recent jobs that I can visit. Pictures are not enough and now I will be extremely careful as one can imagine. Thank you all in advance.

I second that. This Friday I'm closing on my 4th HELOC with them. Prime -0.51% with no closing costs and interest only at 80 LTV is a no brainer. Good luck!

Hi Nick. I too think the actual numbers will be beneficial here and complement your pictures. Very interested in financials, visually looks good.

Here is the exact wording in the Lease and my formal reply to a refund request:

"Security Deposit to be retained by Landlord to ensure that Tenant shall fully perform each and every term and obligation provided in this Lease. If Tenant fully performs each and every obligation as provided in this lease and pays all sums due to Landlord, then Landlord, after the Tenant has surrendered possession of the premises and has delivered the keys thereto, shall refund said deposit to Tenant."

Reply:

Dear XXX,

I understand that your personal situation has changed and you are not able to continue with the lease. Security deposit is to be retained by Landlord to ensure that Tenant shall fully perform each and every term and obligation provided in the Lease. Since the term of the lease was not fulfilled, therefore the security deposit cannot be refunded.

Sincerely,

Thank you Michael. Always something new comes up that is not explicitly covered in the legal document. Will use it in my next lease. Yesterday I had four showings in one hour and all ended with applications. Will select finalist today and sign a new lease. Thank you all for feedback.

 Can you please share the verbiage you have used for this clause?