All Forum Posts by: Mohamed Nagoor

Paying off debt is always the right thing to do. You can now change your lifestyle and start saving.

Good luck!

Mohamed

If a judgement to collect a debt gets issued on an s-corp (multi member) what are the implications for its members. 

@Teri S, Yes I was also moving towards picking GC 2. Thank you again for the response.

Newbie working on my 1st flip.

I have 2 GC quotes. One of the GCs I've worked with him in the past and I know him for many years. Last year when I sold my primary residence he did not do an awesome job with the reno and my Agent who who was helping to sell the home was also not too happy. I gave him the feedback and he's promised me that he will not drop the ball and he has a new crew that he's hired and will be on top of things.

2nd GC seasoned contractor who has renovated homes in the area that I'm currently flipping and gave me a quote 10K higher than the GC I worked in the past.

When I crunched numbers I have 10K as buffer. The 2nd GC eats up that 10K leaving me no buffer but I take a hit on my profits which about 20K if I go with the 2nd GC.

Would like to hear thoughts and strategies from the pros to help me decide who to pick.

Thanks

@Jeremy Taggart, @Zachary LaJoye, @Maricela Chavez

Thank you so much for the quick responses.

I am getting GC estimates on my 1st flip. Home built in 1964 has original hardwood floors  throughout the home except the kitchen and hallway. One of the contractors would re-stain existing hardwood floors while the other would install new vinyl planks throughout the entire home, with one caveat. He will not remove the existing flooring, instead lay it over the existing. Both estimates are pretty close.

Which option would you suggest I go with?

Any guidance is truly appreciated.

 @Brandon Malone.

You state the agreement is already signed. Not sure how you plan to include backoff clauses at this juncture. Maybe we're missing something here.

Hello BP Team,

Am in the process of purchasing my 1st flip. In the Property Disclosure -> Covenants, Fees and Assesment section, the seller marked YES to Q:

Is the property subject to a recorded Declaration of Covenants, Conditions and Restrictions (CC & R"s) or other similar restrictions.

No explanation notes were provided. When my agent checked with the seller's agent he responded - 

"At one time, there was one. But, he hasn't paid into anything for years."

All of the HOA questions were answered negative, meaning no HOA currently.

My only concern is when I'm selling I still have to mark YES to this question and how do I explain this.

My agent feels this is not an issue and I made my offer. Waiting to hear back. 

Anything I should be concerned/ actions taken before I close?

@ Shawn C. 

The trick is always try to use a public cloud storage like Google drive, Microsoft onedrive, dropbox etc.. for storage.

Thank you all for your responses. Will definitely look at the builders risk insurance.