All Forum Posts by: Steven Mitchell

 Hey Rick,

There are some gorgeous stairs inside and the second floor is very well done.  The ceilings arent the 15 foot high ceilings of the first floor, so maybe that confused him?  It even has a bathroom.  And  a door to a second floor deck.  

It looks like yes Im going to have to go to another lender for a HELOC. What a pita.

arent appraisals done by appraisers, licensed by the state, who dont work for the entity appraising the property?  How would an appraisal come back as a different value for a heloc vs a refinance?  

Is that really how its done?  Thats not right.  

Thought about buying a house to rehab. Wanted to do it right so got an appraisal. House appraised ARV 635k

House was done.  Time to get a mortgage.  House appraised for 561k.  We didnt really care, that could be chalked up to difference of opinion.

Heloc applied for to be taken out.  House appraised for 470k.  The appraiser, instead of counting the second stories square footage, included it as an extra, such as what you would do for a casita or a pool and adjust like 15k.   So our valuation, instead of being on 2700 square feet like the first two appraisals, was done on 2100.  

What the F? 

Hello,

Im currently looking for a Heloc, one for my primary residence and another on an investment property.  Theyre both in Texas.  Does anyone know a lender?  The ones I keep finding look promising, but then tell me at the end they dont lend in Texas.   

Thankyou for the response everyone.  That was what I thought but Im always trying to make sure Im not being unreasonable with these guys.  

We have never had a bid like this before.  Sounds shady to me, but thats because I havent seen it and I think it practically begs them to drag the job out.  Anyone have an opinion?

Hello,

Has anyone had any success finding a good property management company in Corpus Christi?  We hired one last month and we are going to have to let them go due to non performance.  Does anyone have one they like?

I actually didnt know we could get bonds.  Yes, Im that ignorant, lol. 

Thankyou so much for all the replies, it looks like the bond is the missing piece here. 

Thanks for the replies guys.  How do the investors protect themselves when theyve paid you 2/3 just for starting the job?  We have seen with our own eyes tens of thousands of dollars stolen when people do this. 

What the GC has proposed -

Materials: $9000 estimated 

50% of material down to start job = $4500 

25% of material due in 7 days of project start = $2250 

25% of material due in 14 days of project start = $2250 

Labor: $15,000 

estimated Labor broken down into 5 even payments 

$3000 due upon start of project $3000 weekly payments due every Friday or every 7 days from project start. 

Final labor payment will be held and paid once project scope is complete.

This doesnt protect me from him starting the project and then not showing up again, thereby having 7500$ of my money I would then have to go to court to get.  Does this look reasonable to you?