All Forum Posts by: Mark Gallagher

It seems you're certainly tied up with an unprofessional and borderline shady contractor. Maybe I missed it, but how much work is left? That's where the photos would be helpful.

Hi @Bryan B.

No way to beat around the bush here, you're in a bad way (and so is your contractor). I could spend time saying what went wrong but that doesn't matter now. 

How to fix it... 

Number 1 - stop giving him any money, immediately. You're throwing good money after bad. 

Number 2 - just because it says you need to mediate, that doesn't mean you can't hire an attorney. Get one, pronto. (I'm assuming this is some sort of quasi legitimate outfit that has actual assets you can chase. If this is some fly by night company, an attorney won't do much good because the contractor won't have any real assets to get a hold of. 

Number 3 - upload some photos of the work here so we can figure out the next logical steps. 

Number 4 - upload the contract here, blocking names out, for us to read.

As long as your LLC is established within the state, you can purchase it in the LLC's name. To get a loan, the requirements would likely differ per lender. But opening a bank account is pretty easy and straight-forward. You want to be using your LLC bank account for business transactions from day 1 if possible. Go to your bank with your LLC's operating agreement and open an account.

Send them a notice to vacate. They'll likely reach out saying they don't want to leave and you can sign a new lease. Otherwise, you can likely start eviction based on the landlord tenant relationship with the bank, but it could be difficult since you personally do not have a landlord tenant relationship. I would immediately get an attorney involved so you can follow the correct process for your state. 

If you're going to re-do the wiring, put in a separate electrical meter for the basement. 

I wouldn't be able to sleep at night without proper egress. It's not that expensive (or cheap) to install the proper egress window(s). 

Depends on what HVAC contractor says. If he says it's going to last awhile and parts are readily available, leave it. If it's going to breakdown in the near future and/or parts are not available, then yes just replace it. 

What is the rent for the basement? Is it a legal 2-unit? Is there proper egress out of the basement? Is this type of home common to the area?

Never heard of them. Quick google search shows they have 73 complaints filed with the BBB. I'd find some of the recommended lenders here in the forums. 

Sirron, best place to start is buy a 4-unit with an FHA loan. Live there, rent the other 3 units out.