All Forum Posts by: Meryl McElwain

@Carson Kesner I've paid up front on leases my whole life. Because I'm self employed. My income in the early years could be highly variable and I wanted to make sure that certain essential bills were always paid upfront so I didnt have to worry that I would have a place to live. Fast forward to now, I still do that because it gives me peace of mind. The guy is probably just giving himself a little runway. Divorce can be unpredictable. His credit is probably shot. Which is very common in divorce but doesnt necessarily matter to you. Take the money, escrow it because you cant access it all at once unless you have an agreement to that effect. No one is going to come looking to "pull that money back from you." Why that wont happen is a really long explanation but the short answer here is take the money. The guy is probably a good tenant just trying to make sure he has a place to stay while he rides out his divorce.

@Simon Hernandez who holds the deed to the place? I know you said you financed the place. He's borrowed and you're lender. But you also said he was supposed to do the work, flip it, and you'd spit the profits 50/50. Before you foreclose I would just sit down with the guy and say listen you're not getting it done so I'm gonna a hire someone else to clean it up and put it on the market. He may not fight you at all. Then you have someone clean it up, put it up for sale, recoup what you can. This is faster than foreclosing on him. You'll probably have to let go of any loss by just writing it down as opposed to suing him for the difference later but chances of collecting from a guy like that are probably low. Seems like this would get you where you're trying to go faster.

@Laura Williams do you mind sharing who the lender is on this and maybe the contact info?

@Drew Millard where do you raise your funds?

I'd like to connect too!

I'm a production specialist. I can estimate costs for you. Depending on the location I can usually provide the trades that will do the work for the same prices. PM me if you still need help.

Jaclyn McClellan can you send me the same info on lenders?