I know I'm in a bad spot. Just wanted to hear something positive from someone.
Paid a contractor to work on a gut job. He did half the work and is now ghosting me. I have been paying him month by month for the work expected that month. He was solid the 1st few months until he disappeared.
I hired a lawyer but bleeding cash at this point.
Someone just tell me there's a light at the end of this damn tunnel.
Screwed by a contractor
byu/AdSeparate6751 inrealestateinvesting
Posted by AdSeparate6751
4 Comments
ya get a new contractor and draw up a correct contract where you might pay a set % up front but each release of money comes with completion goals they have to meet.
Also you need to be walking the project often. When I do big renovations I’ll show up without telling them I’m showing up. I want to see if people are there and work is getting done
only youtubers and tiktokers say realestate is easy passive income.
Man, that’s brutal situation to be in. Had similar thing happen with contractor on smaller scale and it really messes with your head beyond just money part.
Your lawyer will help you get some recovery, especially if you have good documentation of payments and work that was supposed to be done. Most contractors who pull this stuff have assets somewhere or insurance that can be pursued. The bleeding cash part sucks now but you’re taking right steps to protect yourself.
Keep all your receipts and photos of current state – you’ll need them for legal process. There definitely is light at end, just takes longer than anyone wants.
80-90% of this “job” is finding people that you can trust and that do good work. Take this as an expensive lesson. If it makes you feel any better, there isn’t a legit guy in this space who hasn’t been burned at least once.
Just about finished a build where the contractor was getting the work done, but needed advances to buy supplies and pay a couple subs. We advanced and advanced, then he ghosted.
Out about 80k. We found another contractor and the project is finally done a year later.
It sucks, we have a lawyer but if i stole 80k from my employer id be in jail, but he gets off scott free?
It’s just one project and one part of our lives, keep chugging forward get through this one and on to the next.