All Forum Posts by: Tim G.

I do have some termination verbiage in the contract but it doesn't discuss payment terms. 

I do have penalties of $200/wk for not completing the rehab on time. This is to cover my holding costs for the property. 

I drew up a termination contract today and they signed it.  I decided to pay them $400. This covers yesterday and a little more as a good faith gesture.  The termination contract has verbiage in there that says they won't file a a legal or civil suit against me and won't file any liens against me or my property.   The contractor was pissed....he just signed it and walked away. Didn't even read it. 

I've never had to fire someone.....definitely a sh*tty feeling.  :-/

I am in the middle of flipping my 2nd property. I hired a contractor to perform all the work and it's just not working out with them.   Slow work, not on time, excuse after excuse, etc. 

they provided a written 6 week timeline to do the work.  Yesterday started week 3 and I would say they are maybe 1-1.5 weeks into it based on their timeline.  

The total labor cost is $9650.  $750 to be paid at the end of each week and $5150 to be paid when the house is completed.  I have paid them $1500 total for weeks 1 and 2.  If I fire them today, what financial obligations do I owe them?

http://www.biggerpockets.com/files/user/JasonScott/file/13-rehab-analysis-spreadsheet---basic

I have Cincinnati Insurance as well.  Like said above, not the cheapest but they will take care of you if you have a claim. 

@Joseph Lucas 

This property is in Fairfield.  But I'm looking for properties on the north side of Cincinnati between Fairfield and Loveland. 

@Joseph Lucas  Yes, I picked up this diamond in the rough about 2-1/2 weeks ago.  This was 1 of the houses I bid on and got outbid.  It came back on the market and we resubmitted our bid right away.  It's an estate sale.  The house wasn't in bad shape, just in desperate need of updating.

I had some contractor issues, and spent 2 weeks finding a new 1.  They started working this past Monday....so not real happy about it sitting idle for 2 weeks.  But that's my fault, not theirs.

A funny story.  Another house I was trying to buy came back on the market and the selling realtor came to us and asked if we wanted to resubmit our offer....because we had done it 2 times before.  We declined because I need to get this new house under control first.  They also jerked us around quite a bit, so I wasn't real motivated to buy it either.  Maybe it will still be on the market in a couple months and I can buy it then! HA!

I ran an $8000 order through my local HD Pro Desk a couple days ago.  The discount was $150.  Ended up bringing my Father-In-Law with me and used his veterans discount.  Maybe I'll try Lowes Pro Desk next time.....

I used rtacabinetstore.com for my first rehab and will most likely be using them on the house I just purchased.  For the price, I haven't found anything that looks as good.  I used the Bordeaux Shaker on the first house and plan to use the Traditional White Shaker on the new house. 

Here's the picture of the Bordeaux Shaker cabinets. 

I need a 4 piece kitchen appliance set in stainless steel.  Just seeing who has been looking at the upcoming Black Friday sales and what you've found!

Looks great!  Do you know the name of the granite used in the kitchen?