All Forum Posts by: Sean Julian

@Steve LeBlanc oh no! That’s terrible.

I was given two more names but haven’t called. MJW Financial and Huntington Bank

A different GC is meeting tomorrow with my realtor to get me a “estimate.”  Hoping this one goes better. 

The one sub I really need (HVAC) has indefinitely postponed looking at the property. So, back to square one on that if the second GC doesn’t come through. 

I am nearing the start of my first rehab and it’s out of state. I have a great PM and great realtor. Finding the contractor took a turn for the worse this week. He essentially said he couldn’t commit to my project. So I’m starting over with a new contractor but he may not want the job if it’s too big. I have the individual specialist coming out after closing to quote me on specific jobs. It’s going to be a pain but I’m too far into it to bail on the project.

Point of my story... find a contractor that will do the work you want on a reasonable time line within a reasonable budget. I figured getting a contractor would be easy. I was wrong. Point, shoot, aim didn’t work.

If this was your forever home - a liability not an asset - then paying the extra $30K over the life of the loan may not make sense. But if this is one stream of income on your way to many then this is a good use of OPM (other peoples money). Just don’t go waste the $16K. Put it to good use. 🙃

@Steve LeBlanc

Please let me know (DM is fine) if you hit any snags. I'm counting on them for my BRRRR. Thank you.

@Steve LeBlanc

Have you tried PenFed? $100 gets you a savings account and $500 gets you no fees. Then they were willing to do an 80% cash out down to $50K loan as long as I held the place for 6 months. It might be worth a call. They are all over the US. I invest out of state.

https://www.penfed.org/mortgage-center

The contractor I was working with decided he was too busy and without an bid/estimate wanted $1000 and increased the time to 10 weeks. 2 weeks to start and 6-8 weeks to finish. I was fine with the $1000 and the time (not fine but understood) but not the refusal to give me a bid / estimate. So I used thumbtack and scheduled individual companies. Then this evening another GC called and is willing to see the property. I’m really hoping the GC works out because doing individual companies is going to be a pain for my realtor and PM.

Thanks all. I’m glad to hear that doing it job by job is an real option. That’s what my wife and I were discussing last night.

So much to learn!

@Meryl McElwain

I’m pretty far down the road with this contractor. I’ll try to offer money today and see what happens. Thanks for the idea.

I’m starting to understand why he says 4-8 weeks for a 2 week job now. I’ll have more patience with him. Thank you.

@Matthew Paul

Thank you for the insight. The project is less than $10000. I think that’s more the issue than anything else.

Are you saying paying everything up front would be acceptable now? Seems risky even in this environment. I offered to buy materials myself but he turned that down.

I was told today he would get me an estimate and timeline by the end of the week. That’s a great start.

Thanks again for the insight.