All Forum Posts by: Wod Ed

I used the 203K loan for my owner resident house, it was a nightware, and would not do it again. 

The lender paid 50% deposit to the first contractor, he was doing a poor job, and went AWOL. Long story short, I fired him, but he owed me some money back. I hired a new contractor approved by the lender, the lender refused to disbursed more money to the new contractor, since the previous contractor owed money back. I then came out of pocket for the new contractor to finish the job. 

Now, at end of job, the lender refused to reimbursed me the money I paid the new contractor, They are considering any amount in escrow as "unsused fund", and want to apply it to the mortgage balance. 

I ended up coming up with significant amount of money out of pocket, and would have been better off buying a house ready to move in....  

I am buying a distressed property in Memphis TN, need the property to be rent ready and need a rehab contractor. 

Any recommendations?

I am talking to a seller, he has a Vacant house he would like to sell, but after my research on the public record, I found out the house is condemned for demolition. 

If a house is condemned, will the city give a permit to rehab it ?  

I am a wholesale investor in the Houston market, I have been doing direct mail to get motivated seller leads, but I am not having a lot of response. Can anyone recommend a website where I can purchase motivated sellers leads that are not sold to multiple investors  ?