All Forum Posts by: Shaun Lapsley

I purchased a duplex in Buffalo, NY using a 203(k) rehab loan. I received a referral from a family friend with 30+ years in the industry as a general contractor, unfortunately, the referred contractor has been a disaster. Without going into too much detail I am hoping to receive advice or referrals to lawyers with specific experience in pursing these maters legally. 

Thank you.

Shaun

@Kyle Gregg

There was a disbursement prior to any work being done, approx. 50%. The remainder was to be paid upon the completion of the repairs. After a HUD inspector agreed the repairs were completed to code etc.

I did ask the bank to send a HUD consultant. (at $150)
He was at the property yesterday and unfortunately he knew next to nothing about anything. I addressed this with the bank today. Good news is I am now working with a supervisor at the bank that seems to be motivated and ready to work with me. The inspectors report will be back by Thursday at the latest, but I am not being sarcastic when I say he literally had no idea what drain tile was or how it is supposed to be installed and operate.

I will elaborate further if asked, but I would appreciate some advice and help.

December of 2014 I closed on a property using a 203k loan. The repairs required by FHA were rolled into my mortgage. The repairs were to include Roof Repairs, Exterior Trim, All Windows, Cellar Glass Block Windows, A pre-hung steel rear entry door, smoke detectors, some ventilation work such as the hot water heater vent, some electrical work such as defective wall outlets, Drain Tile ... The total of the repairs were approximately $20,000.

The contractor has completely botched some aspects of the job.
Again I will elaborate further if need be.

My two main concerns right now are getting a professional inspector with experience in this area to inspect the repairs that have been done in order to inform me of exactly what has and has not been completed properly.

I also need to retain an attorney, in Buffalo NY, that has experience with 203k loans in order to finalize what will or will not be owed to either party in order to move forward with a new contractor to have the job done correctly.

I also would like to talk with any interested contractors that realize they would not be paid up front for repairs once I will be able to have a new contractor on site. Unfortunately, all funds would be paid by BOA once the repairs are completed and inspected.

Thank you kindly.

@Corey Threet I just bought my first property in Riverside. I'll be owner occupying it for a year or so. @Connor Smith is right about the belmont housing 1st time home buyer program, but make sure you really think about what you plan to do with the property. I personally don't plan to live in the property for more than a year or two (once I graduate from college I plan to move out of state) The belmont housing program does have limitations as to if you move and are no longer a owner occupant you do have to pay back a percentage of the approx. $7500 they give you. Just make sure you do some research. Go sit down with the people at the location on main street. They were cool and helped me out alot. U

Welcome ! Hope to see you Thursday at 7 ! 

@J. Martin 

I am in a similar disaster myself. I inherited a tenant. In the eviction process now. I would like to offer "cash for keys" when you have offered this, have you placed anything in written or just offered cash for the keys when she is out ? Thank you for your response or anyone else with experience with this.

@Engelo Rumora  It may be legal, I was just assuming I cant have someone overseas just wire me 100,000 ... 

@Engelo Rumora  ok, thats a start thanks . do you have any additional info ?

My best friend is from China. He has a number of foreign investors trying to get into the US market. If anyone could please give me some insight as to where to start, legally, I would greatly appreciate it.

We would be looking to both buy and hold, or potentially flip, but I am still in the process of getting my team in place.

thanks for any advice !

thank you @Melissa Moore viewing some additional properties today and then having lunch with my agent . I have alot Id like to discuss with him . (hes not just a agent, also a investor and highly knowledgeable, maybe will mentor me)