All Forum Posts by: Eliott Elias
Eliott Elias has started 12 posts and replied 9587 times.
Post: Contractor DId Not Follow Through
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
Quote from @Ryan Normand:
Quote from @Eliott Elias:
Big surprise, most contractors don’t follow through. I’m not going to give you advice here, that is up to you how to move forward. Thank you for sharing this with everyone and showing how sleazy contractors are.
Wow. Sounds like somebody got burned in the past. Sorry you've had bad experiences, but most contractors are good and keep their word. A lot of "contractors" who investors/flippers work with aren't good because, well... they're not contractors. They're just some unlicensed and uninsured guy with a truck who's spent more time in the slammer than on a construction site. They lure you in with an unbelievable price and then surprise!... they never show up.
Do your research. Check references, experience, and licensure. Use somebody legit. Don't blindly go with the cheapest bidder. Follow these steps and you won't get burned.
Your optimism will get you burned.
Post: Purchase Property Subject To Existing Mortgage
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
Quote from @Jay Hinrichs:
Quote from @Eliott Elias:
Quote from @Account Closed:
Quote from @Theodore Sisul:
Good Afternoon Everyone:
I am looking to buy a property subject to existing financing (Subject To) in the Lake County, Florida area. I was wondering if anyone in either Lake County or the greater Orlando area has experience acquiring property subject to existing financing?
I am looking for a subject to deal to get my first home as a primary residence. Then would be interested in repeating the process.
Are there any realtors and attorneys in my area (or that would service Lake County) who could help?
What will you do? Go ahead and shed some light on this topic.
here is what you do if its called. Pretty simple really.
1. cut a check payoff the loan
2. refi the property pay off the loan
3. sell the property pay off the loan
4. further negotiation with the lender which could include a payment to reduce the principal IE modification.
Post: How to cope with the high interest rate?
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
Quote from @Account Closed:
Quote from @Eliott Elias:
If your deal only cash flows with a 3% interest-rate, you need to reconsider your investment strategy.
If your deal only cash flows with Airbnb, you need to reconsider your investment strategy.
Buying with a 20% cash on cash every month will keep you safe.
y'all got any more of those 20% CoC properties? (particularly in the Greater Houston area)
They do not just lye around. They're cherry picked and catered to constantly to create.
Post: Contractor DId Not Follow Through
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
Quote from @Corey Conklin:
Quote from @Eliott Elias:
Big surprise, most contractors don’t follow through. I’m not going to give you advice here, that is up to you how to move forward. Thank you for sharing this with everyone and showing how sleazy contractors are.
You are definitely painting with broad strokes here. I'm the first to admit that there are a lot of bad contractors out there but the way you speak it makes it sound like the ALL are sleazy which definitely isn't the case.
It is my base case. Obviously not all are.
Post: Reliable Contractors Needed in SLC, UT - Heavy Rehab for 2 units of a 4bd/2b property
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
Reliable and contractor do not belong in the same sentence. Fix your expectations, then start looking.
Post: My PM wants me to pay for the entire work bid before the work is done. What do I do?
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
The most you ever put down is 20% on a job. Do not ever give contractors the leverage. They will run off on you.
Post: Looking for investors in Houston TX!
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
I invest in Houston. Happy to connect.
Post: Preforeclosure auction dates
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
There are hundreds of types of liens that could cause a property to foreclose.
The two most common foreclosures are tax and mortgage default. The taxes get paid regardless, if it is a mortgage default.
If the property is paid off, the taxes are able to fall behind. Check county records to see if taxes have been paid. It is more accurate.
Post: New to Wholesaling – Need Advice on a Deal
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
Your question is extremely vague. It depends on what kind of contract the agent sends you. Why don’t they trust you in the first place?
I would work on building rapport before anything.
Post: General contract vs subcontractors
- Investor
- Austin, TX
- Posts 9,861
- Votes 5,562
It depends on how much headache you want to take on. Subcontractors are a lot more difficult to manage, and you are going to have to play the project manager role in your project.
Hiring a general contractor comes with its headaches as well, but their job is to coordinate from start to finish.