All Forum Posts by: Sing Ho

Not sure i want to take over a foreclosure

I have some cash and want to be a hard money lender. What kind of stipulation or kind of contract should I use? I already have someone come to me to lend them the cash to flip a house and they offer 20% interest for loan. Any advice here as I am new to this.

I have some cash and want to be a hard money lender. What kind of stipulation or kind of contract should I use? I already have someone come to me to lend them the cash to flip a house and they offer 20% interest for loan. Any advice here as I am new to this.

Not likely my current PM, need referral for new PM. If you know any, please let me know.

@Ryan Scott Isacksen

Good ideas Scott.  Now the price just went up again for carpet cleaning which was already on the original price quote and the secondary price after some work. Now the total increase to 300 more. I will be exploring other PMs in area. I approved this work order on 8/28 and they are finally near done at 10/4. Took over a month for this turnover and dont know how long it will take for them to find new tenant. Time is money and they are definitely losing it for me. 

@Andrew Johnson Thanks for the feedback and I do get what you are saying but also forgot to mention it did take them 2 1/2 weeks to get started after the initial quote was approved. So I was already not in a good mood. I asked them to get another contractor if that one was too busy but all They said was thats the contractor they use and no one else which is another thing that I didnt like. Does your PM have multiple contractors they use?

@john powell Quote was 1085 but I get what you are saying. Just want to get an idea if this is he norm. Thanks for your advice.

@karen rittenhouse Yes i did sign a contract but they said that of I am not happy, I can opt out anytime. I may use that. I will be exploring other PMs as well. It is frustrating but posting on here help me understand and cope better with these situations.

@Kim Meredith Hampton

Their excuse was that paint was different than originally estimated and some things like watermarks and rug needed extra attention. Now I am seeing that they are seeing floor in bathroom is pealing and no estimate was added for that. Basically, they can make up whatever quote and give me the real price after work is done and up charge however they feel. 

There is a management agreement for items over a certain amount may not need to be approved but so far nothing went by that didnt need our approval except for this unit turnover. 

Hey BP,

Need your opinion about PM situation I have with my PM for one of my properties. I had a quote from my PM to fix up and clean up a unit in my building for purpose of getting new tenant in. I was quoted one price but after some work the price went up 200 bucks on their management website. I checked the cost of the work listed and it is just a bunch of different prices and list just shows maintenance. No clue what the charges were for. When I asked about the higher price and why they did not ask for approval, I was told this "Typically for these types of items a further approval is not warranted and our maintenance workers were given the okay to complete as necessary so not to waste time, and we were still able to keep it close to the original estimate." Seems like they can up the price and make things up as they go along.

Is this common practice for PMs? Mind you, this is my first time I am dealing with a PM and I am still learning about how they run and do their business. I been with them since April of this year and so far I am not too satisfied with them. This is just one of the things I have an issue with them. Is this how it works. Do I need to look for another PM. I did ask alot of questions before I signed with them and they sound pretty good at the time but they are not living up to my expectations.