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All Forum Posts by: Preston Smith

Preston Smith has started 1 posts and replied 2 times.

Thanks for all the warm replies everyone!

@David Torres - With the 203k You can't get the funds yourself, it has to go to a licensed & Insured contractor. Well our contractor got half up front (15K) ordered our kitchen cabinets and windows (8K total), he then did one day of work and we never saw him again. I called the state licensing board, and they said that since he didn't do any "bad" work they couldn't really do much as this was a theft case. I filed a claim with his insurance and after a month the agent said basically the same thing as the licensing board. They couldn't do anything, as this was more theft than poor workmanship. So Whatever, he's still a contractor as far as I know, complete B.S. But yes I would do it again!

@Sean Gover Thanks man, I would love to do a meetup one day. I've been listening to the podcasts, definitely a lot of great info in there. I think I've listed to maybe 4 total now.


Hi All!

My name is Preston, I'm a 31 year old from Albuquerque, NM. I have a full time job, my wife and I own 3 properties (1 currently for sale) and we also own and operate a full time business (restaurant).

I'm looking to learn more about Flips/Multi family homes. My family is currently living in a flip that we purchased with an FHA 203K loan. This was our 1st FHA 203k Loan, there were good parts (40K equity) and bad parts (contractor stealing 6K) but overall a good/fun process.

I hope to meet some great people, learn a lot and hopefully be of some help! =)