Updated over 9 years ago on . Most recent reply
Going over budget
Hello, I was curious how some of the investors on here handle going over budget with their contractors once the renovation is underway. I had a buyer on a recent deal that came in prior to the property being finished. They wanted an additional 50k in renovations but the new work would bring the value over 80K. The deal still made sense but the HML would not change the terms or amounts of the pre-approved budget. I had to find a private lender to secure the additional financing which was a safe deal and it worked out but I'm always looking for experience to build off of. Looking forward to your responses.