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Posted almost 10 years ago

GC Flakes out on me

Got to love it, My general contractor Flakes out on me when I really needed him the most. Got a house I am fixing to put under contract in Bremerton, WA so I was going to have my General Contractor go up there and get a gander at it so I can get some numbers, which I really needed to get a more accurate picture of what I am looking at. He flaked out on me, he even said how in the world can I run this business when I have no money to run it with or even have a car. Well to be honest that is what I am trying to do lol, make money. I was going to wholesale the house for $135,000.00 and judging from what I was told ($150,000.00 Appraised As Is) already told me that it was going to need repairs. I asked the Home Owner just one question, what is the lowest he will take for the house, he gave me a figure which to be honest is what I was going to offer him anyways lol but it answered two questions, one it does need repairs and two it tells me that the house has a rather high Equity (which is good for me or any other investor). Well after my GC flaked out on me I decided to see if I can find another GC in the Bremerton area, so I contacted a RE Agent/Broker who is also an Investor to see who she would recommend and seeing GC's are not generally free I may just let him do the work as well which will result in me buying the place instead of selling the contract like I orginally intended. After checking around I figure I could market the house in the median range of $220,000.00 to $250,000.00 most likely selling at $230,000.00 seeing it has been zoned as a Multi-Family Unit instead of Single Family House (Two Story, upstairs converted to an Apartment seperate Electric Boxes). This will be interesting to say the least.

Thank you Bigger Pockets, all you guys here rock. I got a lot of invaluable insight from here, relearning the ins and outs of Real Estate Investments again, this is fun :)


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