All Forum Posts by: Rocky Griffin

You seem awfully opinionated for someone asking for advice. May I suggest you listen to the advice given and hold your tongue. 

I should clarify that I am all for second chances. My main guy served 15 years in Federal prison for bank robbery. My own father has served a several sentences in prison for drug charges. I can personally attest to the level of intelligence of some inmates, who if would have applied that intelligence in a different manner would have been largely successful. 

Marty True I wrote the contract in a way that he acknowledged his lack of tenancy and a termination date.

So far, he has done framing and drywall work. All large materials. I am concerned that he may have been in the lumber yard and attempted to leave with more then her purchased. I wonder If I am able to get that information from the police department? Naturally I don't want to to put my property in jeopardy or put myself at risk for being accused of receiving stolen property. I will present my contract and the situation to my attorney and go from there.  

@Jonathan R McLaughlin That is a very good point. Ill shoot my Attorney an email in the morning. 

His arrest was confirmed by myself through county records. Just to clarify my feelings are to leave him on the job. I am most curious how other investors would handle such a situation. 

I have two rehabs going on side by side. My main contractor doesn't have the resources to complete both projects at the same time. This forced me to hire a second guy. Initial conversations went really well. He was a a retired marine looking for work. His bid was fair and then further reduced because I allowed him to stay at the property during the rehab. This was a very extensive job with water damage. A month and a half into the project now and I have been pleased with his work. However, today i get a phone call from my other guy next door and he informs me that the new guy had been arrested for stealing from Lowes. He was able to get this information because of his relationship with the pro-desk.  As of this evening the new guy was back at the property working. My question is, do I let him complete the work up to the level he has been paid and then fire him? fire him now and take the hit? Or let him finish the job in its entirety?

Welcome! As Ron has mentioned Oklahoma can be a tough market. Several factors come into play including the oil and natural gas markets. However, word is out about Oklahoma and most of the MLS deals are no longer worth the effort. Large hedge funds are moving in and paying retail. You have to find the off market deals. Understand off market doesn’t not always equal a deal. I understand your ready to move away from the labor side however this could be your “value add” while you are getting started. Keep on tract and you will find the right deal to jumpstart your flipping career.

If this is a tax sale then yes, the owner has a two year redemption period. However, if it is a tax “resale” then you are actually buying a free and clear property. You may want to clarify what you have actually purchased.

http://www.andrewsdavis.com/wholesaling-real-estate-in-oklahoma This is the article I have referenced as a resource for my practice.