Where can I get $25,000 just until my house closes-30 days?
My personal home (400k) closes on 9/20/19. I just closed last week on my first duplex on 4 acres $140k. I need $25k now to start renovations so we can owner occupy one side of duplex when we close on our house. How do I find investor to help me with this?
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#2 All Forums Contributor
- Real Estate Broker
- Lake Oswego OR Summerlin, NV
Originally posted by @Matt M.:Thank you @Jay Hinrichs for having my back. My family and my bills aren’t going to go hungry or not paid because of someone needing drywall..
True story- did a $4k job years ago not knowing the people were trying to fix and sell their house before they lost it. They were also in the process of bankruptcy. Even with a lien I placed, I got $0. That will never happen again.
Hey shoot me a PM we did a lot of business in your market the last 4 years and I am looking for some JV partners there.. maybe something to talk about.
@Jay Hinrichs it would be an honor sir
@Darla Smith most normal jobs your boss will be hesitant to pay you for work you haven't done. Usually you WORK to get paid, not get PAID so you then do work. To each their own I suppose. Contractors I speak with are pretty accepting of getting paid based on the SOW laid out at the onset of the deal. Best of luck
@Darla Smith "on her discount"...usually there's a contractor markup they apply. I might get their list of materials and go to the Contractor desk. I know Lowes provides discounts if you purchase over around $2500 worth of goods. I got those discount when I personally gutted my basement. Cheers!
@Darla Smith
I put 10k down on a 30k job. Permits and materials/dumpster.
We had a payment schedule of thirds and stuck to it.
Thank you all so much. This all really helped me to understand it from the contractor's point of view.
Originally posted by @Matt M.:@Kyle Tipton
Why is it different between a GC and a Handyman? Why should a GC lay out his/her own $ and not a Handyman? Not every “Handyman” is a fly by nighter. I’ve done $1000 jobs and asked for down $ and done $20k jobs and asked for nothing down. To me, it all depends on my level of comfort with the client. I did a bathroom 2 years ago, I asked for $0 down as it was a local cop and was doing it along with my plumber who was friends with him. It took me nearly 5 months to get paid and that was after a letter saying I’d take him to court. He still owes the plumber $ to this day. And I will typically be thorough with my explanation of work on my quotes but you’ll pay more if I have to itemize each task with a price.
@Matt M
to clarify, i by no means am saying one should get it and the other shouldn't. I'm saying in my experience, I've seen it to be more common with single crew handymen than GC's with a full crew. I also, agree past relationships play a big part in this. When you have worked with someone before, your more likely to not require a down payment... that's the rules of business and why its so important to network and know professionals in different fields. I also have paid out before a job was started because i didn't have any other choice. So, I've seen it come in all shapes and colors. I'm purely stating that in general, i don't like to pay upfront especially if its for crew wages and not material.... i personally think that's a red flag. That's all I'm expressing, it wasn't meant as a jab towards GCs. everyone's got to eat, i get that.