Skip to main content

Investment Property Contractor Difficulties: What would you do?

Hello All and Merry Christmas, coming on here to get some advice about a contractor.

A little backstory, I just turned 24 years old and first time property investor, in a southeastern city.

I bought a run down 2B2B condo in October in a growing part of my new city. $110,000 sales price, 25% down (PITIA = $689, Rental Estimate when fixed up= $1200). The other finished condos in the complex were selling at $140k at the time (much higher now, there is no supply). After closing, there was a lot more work than I anticipated needed to be done on the property before being rented out. I was getting quotes for the ceiling alone for $10k and the lowest all in quote that I got was $15k. That was before the contract I chose offered to do it all for $4500.

After months of dragging his feet, raising his estimates and being an overall nightmare to work with, the property is finally done. A lot of the times he would tell me a section was complete over the phone and I would go to the property that night or the next morning and it would not be complete. I live 30 minutes away from the property so I could not be there during work. End date on the contract was 10/10, he actually finished 12/24. Ended up paying him $9k in total. Still cheaper than any other estimate that I got and the work is actually quite decent, but not worth the headache at all.

Either way, he met me outside of my primary residence yesterday, told me he was done, and his stuff is removed. I couldn't meet at the property because I was working. He gave me the keys back and I gave him the final check. I go to the property and there are tools & materials all over. Power drills, contractor cover up clothes, mixing set ups, excess paint cans, hammers, & ETC. It's a lot. The property is finished but there's all this crap.

What should I do? I think he just lied again, saying he removed his stuff when he didn't. I hate not giving the benefit of the doubt but after the 25th time... Can i throw it out, would I be liable for that? I was thinking of giving him a time slot tomorrow to come get it or I'm disposing of it. Also, he knows where I live and I'm new to the city, so there are some safety concerns if he feels slighted. I have someone who would like to rent out the property on January 1st. What would you do?

Thanks!,

submitted by /u/RealEstate_Head
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/rofjs0/investment_property_contractor_difficulties_what/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...