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Tax, SDIRAs & Cost Segregation

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Finn Valjean III
  • Rental Property Investor
  • Wichita, KS
3
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18
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Know when to hold em, know when to fold em?

Finn Valjean III
  • Rental Property Investor
  • Wichita, KS
Posted Sep 19 2020, 13:14

First Deal Blunder incoming!

Let me know what you’re thoughts are and if this passes your sniff test.

I always feel like this timeline sounds like complaining and finger pointing. I’m a marine vet with ptsd who takes extreme ownership and his lashings.

First time homebuyer. Va loan. Wichita KS

Inspection comes back says we need a new roof.

I ask for a new roof. We settle on getting a roofer out to confirm. He comes back saying it’s old 10-12yrs, but has plenty of life left and needs 150~ in repairs.

We agree to it and close.

Two months into ownership my insurance (allstate) say they cannot insure the house due to the condition of the roof. I call the roofer he says “well it was just my opinion man”.

I spend the next two months being rejected from every insurance company because of the roof. The previous owner was insured under the Kansas Fair Plan. (They tell me it was insured because of the roof condition before)

I go litigious. Get my real estate lawyer involved we negotiate “they’re not admitting fault but here a 25% discount on a new roof” this takes an eternity I’m not happy I split the difference here but I’m moving forward and will never let this happen again.

The new roof is finally put on. January 2020 I’m taking pictures and watching the work be done. It doesn’t sit right with me but I pay the contractor with my Credit Card.

I further inspect it, turns out from the contract we agreed to he switched the shingles on me and all the hardware that was signed and agreed to. I call and argue with him. He said “well what can you do about it, you got a new roof”

I file a chargeback through my cc company giving them and my lawyer all the evidence as well and where i believe he violated the warranties, bait and switched me, etc. (I’m not happy and have tried to resolved this before going to this route).

The roofer has now come back with suing me for fraud and breach of contract. My lawyer says i should just pay him because it is not likely i would win any in damages and it would cost more to fight than to pay. 6500~

I know this feels wrong to me.

Should I pound sand and pay him?

Should I crusade against him in public opinion?

Should I fight legally for the coin flip judgement?

Should I find another lawyer?

Should I file an Ag complaint against him?

Am I wrong/right or is there any actual fault?

What would you do if this was you?

I’m not currently drowning in legal fees. I love paying that legal bill when it shows up because I’m getting answers and educated council.

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