All Forum Posts by: Preston Gealy

@Rick Martin thanks! Great advice. I know that this is a large step in the real estate world so good preparation is key. I will start reading the books you suggested and join a mastermind. My goal is to share my story on a biggerpocket's Podcast someday!

@Spencer Gray I want to start as a general partner but is it advisable to start as a limited partner? Should I get a mentor?

@Taylor L. Thanks. Do you have any recommendations?

@Justin G. Thanks! Sorry for my ignorance. What is pref?

Hey everyone! I'm looking to get into large multifamily syndication and wondered what the best structure would be for my first deal?

@Maggie Shadburn I ended up finding out that I bought a double wide trailer. It was a 1998. I wish that I knew to ask for a retired title. It was a pain to get. Also plumbing on those is a bear due to winterizing

It takes more than a contract to protect yourself from a contractor gone bad. I recently had a contractor bail on Mr in the middle of two house flips. I suspect that he ran out of money. I talked to his electrician, that he hired for one of our properties, and he said that he stopped paying him. Not sure if he underbid the job or made a bad business decision or gambled ot away. Now I am left rebuilding the card Castle. I put my trust in this guy and wanted to have a partnership with him with a plan to become financially free by 2035. Now he's saying that we owe him some money and I say he owes me 5 times that amount! He told my agent that he's putting a lean on one of the properties. I have a lawyer looking into the situation and hope that we don't loose our ***. I also have 2 investors that are involved. One wants to give him bad reviews on Angie's List and Facebook and the BBB. Is that being childish or is it a smart move? I tried reaching out to him saying that he owes me money but he ghosted me. Any advice on how to handle this?

thanks @Anna Smith! Great advice.  The last thing that I need is a lean on these two flips from him when I try to sell them.

Thanks again to everyone for their input.  Unfortunately my contractor, that I had a ton of faith in, has quit on me mid-job on two flips.  I don't know what to do.  Any advice?

@Anna Davis I do have a clause in my contract that has a $100/day penalty every day over the one week grace period. I'm afraid of enforcing it on these flips to keep him from backing out. He is a gem of a contractor otherwise. Maybe I could enforce on the next one by pointing out the delays on this one?