All Forum Posts by: Johana Villamil

Thank you Erik for your insight on my situation. I have been looking into the unsecured lines of credit as a good option for me. I am a new investor and have learned a lot with this deal. How do HELOC's work for distressed investments property? As my project is still not completely renovated I was not sure I would qualify.

 Yes I would love to connect and seen what we can workout!

 Thanks for your insight Adam! 

How many cards did you use? Were they all new or you were still on the promotional rate? I am assuming you have very high credit limits on your cards. I actually did look into this but it wouldn't be ideal for me since cash advances are capped at a percentage of your overall credit card limit which is usually at 30% more or less. With that being said I don't have a super high limit on my cards and I also am not on promotional terms anymore to get that 0% for 12 months or so. I mean depending on how much I needed it would have been an option. But in my case I need like 25k so I would have to apply for all new cards which will also have an impact on my credit. If you know of a different way to get cash from credit cards I would love to hear about it!

Hello my fellow Big Pocketers,  I need some help! I am currently in the middle of a rehab, things won't left with my General Contractor and I need to take action. I have spoken with him several times already but it's like talking to the wall. I am 6 months in and he just prolongs my project. Sometimes I go days even weeks without work and as we all know time is money in this business! I already had another GC take a look at my property and he has done good quick work for other investors in the area that I know personally. I want to move forward with him but it will increase my rehab budget. I am using hard money and they are not willing to increase my rehab budget. I need recommendations as how I can go about getting myself some more cash. Has anyone ever been in this situation and needed more cash to finish their project? What would I be able to qualify for in this situation? 

 Thanks for your reply. I actually did not have a contract in place. I know stupid mistake, I did look into it but never presented it to him as I felt things would continue to move smooth as they were at one point. Also, Im not sure if the contract I have is completely legal and wanted to have it reviewed. If you have used one I would love to take a look at it. I did take your advice and sent him that text. I am moving forward with someone else and I would have to send my old contractor a termination in writing. 

Thanks for your reply , well There is some work he has done that I have not paid him for yet but he also does have a deposit which I gave to him in the beginning of this project. The deposit is about 2K more then what I owe him. I was even thinking of when I send him the termination letter asking for those 2K back. Would this be a good idea though? I know he won't be too happy with me. I mean I have invested a pretty good amount of money in this property already that I can really those 2k right now.

I am having problems with my GC. We are 6 months into a whole house gut job and I feel like we are wasting a lot of time. There are days even weeks that no work gets done. His communication with me is terrible. He never answers the phone and just sends me a text here and there. Today I had a new GC come into the house and said we are not even 50% done and he will give me an estimate. He looked into the online portal and said the build permit will be expiring soon. He also saw my house is under investigation. Has anyone had these issues and needed to change their GC? what happens with the initial scope of work and the company that's funding me? At this point I feel I need to take some type of action. I tried to give my old GC a chance because I did not want to increase budget and don't have the funds for another deposit, but I feel stuck and just need to move forward asap!