All Forum Posts by: Ron Drake

@Scott Gombar 

 To me a website is just a tool in the toolbag. Not everyone needs that particular tool to succeed in Real Estate. 

I have had websites but currently do not.  Again, not everyone fits in the same mold. They can make you look more professional but they can also be deceptive if a person or company does not have a track record of providing the services that their website says they provide. 

@Scott Gombar  Are you just talking about lenders, or do you think everybody should have one if they work as an investor too? 

sorry, must have been a glitch. Your post was empty when I first saw it.

Just do a search for letter or yellow letter and you will find numerous examples.

@Dori Williams  Was there a question?

@Ken P. Nice work :thumbsup: Hope the plan pans out for your Wife.

I did a similar thing 5 years ago. I bought a new Dodge Viper when Chrysler was in the middle of bankruptcy and got a great price and 0% financing for 48 months. I had the money but bought a condo with it instead for almost the exact price I paid for the car. 

Collected rents for about 3 1/2 years and sold the condo at $91,000 more than I paid for it. I had already paid off the Viper as the pmts of $1792/mo were annoying but the condo was my justification in the beginning. Still have the car.

if the house is on the 8 unit property, then you did pay for it. You won't be able to fix and flip unless the property is big enough to do a legal lot split.

@Valerie Reed Yep, adding some bling works every time. Congrats!

@Chris Stromdahl Principal Residence only.

No, I don't think the Real Estate Market will collapse in 2015.

It has already slowed down and may slow down some more but won't be another bubble burst this year. 

The difference being the amount of cash purchases and lack of liar loans the last few years. People who actually qualify have been buying houses.

You can't just fog a mirror and get a home loan these days.

@Vicki K. I think you already know the answer to your question. Yes, you made several mistakes. You did not seem to have a very clear contract or scope of work with your contractor. 50% upfront was probably too much but as others have said, you appear to be the one in breach of contract here.

Is there a way, that you can borrow money from a credit card or family so that you can finish the project? Apply for a new credit card?

Good Luck