All Forum Posts by: Raeshal Solomon

Thank you all for your help. This change only slows down my timeline. It took us a week to regroup. I was able to have a conversation with my GC. We agreed to Net 30 all the Subcontractor. I buy the materials as needed and they get paid up to 30 days after the work is done. 

The lender and I did have a conversation about the draws, but I didn't realize that work needed to be completed first. I'm sure I just didn't ask the right questions. 

Your information really did help I have already put processes in place to not repeat the same issue in the future. 

Hey I'm in the process of flipping my first house and I have a hard money lender loan. I did not realize that you don't get your draw until after a part of your project is completed for example you get your demo draw (money) after the house has been demoed.

My first question is Is that common practice for hard money lender to not pay you until after a job has been done?

After we completed demo we had some unexpected expenses. I'm having to replace a whole wall because of water and termite damage none of this was in my rehab budget. So I paid for it out of my pocket however it's making it difficult to move on to the next part.

Is building a new outside wall and replacing the band seal the same as exterior capentry on a draw schedule rehab form?   

PS: My general contractor is being very reasonable considering the circumstances.

Hey I'm in the process of flipping my first house and I have a hard money lender loan. I did not realize that you don't get your draw until after a part of your project is completed for example you get your demo draw (money) after the house has been demoed. 

My first question is is that common practice for hard money lender to not pay you until after a job has been done?

After we completed demo we had some unexpected expenses.  I'm having to replace a whole wall because of water and termite damage none of this was in my rehab budget. So I paid for it out of my pocket however it's making it difficult to move on to the next part.

Does anyone have any suggestions on what I could or should do?  My general contractor is being very reasonable considering the circumstances.

Thanks

Thanks

Hello.

I'm flipping a small 2/1. The bathroom needs a total update, but I can't decide of I want to get rid of the tub or not. Please give me your opinion. This will be a fix flip 780 sqft 2\1 with an ARV of 105000

Thank you all

Thank you Don

Hello, I'm Raeshal a new investor well a future investor. I'm currently looking for my first deal. I would love to speak with a few investors in Charlotte NC and surrounding areas.