I am a Canadian investor focusing on Ontario. I hired a contractor to fix my investment property and paid a considerable amount as a deposit. The project does not move forward for months. The guy avoids face-to-face communication, however, he does answer my enquiries with promices which he never fulfills. I am ready to quit the contract, but, I do not know how to do it correctly and also how to get my money back.
Any help will be appreciated.
what's the contract say?
It greatly depends on your contract and your laws in Canada but you will likely have to take him to court to get a judgement against him for the funds. At that point hopefully he pays you but most likely not. At that point you can place a lien against his property. He will then not be able to sell until paying you. Unfortunately you would have to wait until he tries to sell his property to get your money back, which could be 20, 30 or more years from now. Of course you want to try to talk to him fist but from what you have said it seems unlikely that will work.
and if this guy is fly by night type (assumption made based off high down payment) he's not likely to have a paycheck to garnish and likely operates under the table. He might not even have much property to put a lien against.
Hey the contractor done any actual work yet? Contractors can be brutal for a few reasons. Issues collecting money from past jobs in order get started on new ones.
Also just general time management and over committing.
I don’t know the laws there, but for sure the only fault will be your own, who in this modern world pays for large upfront? I don’t know what to say, most likely rents a room and have his $3,000 truck with him all the time. Good luck on liens for that, next time, hire a professional - meaning licensed, insured, and bonded -, not someone from the streets.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing