Like this:

Well it was inevitable that something would go wrong or some sort of hiccup would happen for my first rehab.  This time it was a problem at closing that wasn’t noticed until a lawyer from the sellers Realtor found.  It turns out that the wholesaler that I received an assigned contract from did not have permission to assign the contract to anyone.  For some reason noone at the closing table said anything and seemed all fine about me sitting there with my companies name on the HUD-1 and all other documents and signing their name on it.  It took a lawyer to yell at the agent who happened to be dual representing my wholesaler and the seller.  Unbelievable… I assumed that since the title company was able to put my name on the HUD-1 prior to closing and allow all parties to review it that she had an addendum for assign-ability to me.  Guess what… they didn’t.  I fault the wholesaler and the title company for this issue.  They should have known better and caught it.  Guess who won’t be using that title company anymore?  This guy!

After consulting with lawyers, I am in the clear.  The deal is final and there is not going back. The only thing that could happen is the title company could get sued for not doing their job or the wholesaler for breaking his contract with the Realty company.

Now that that is over, I cleared my contractor to continue work today.  He has removed all old drywall fixed some minor interior issues prepping for new drywall.  Materials were delivered today which I ordered a few days ago and had waiting.  Dumpster was delivered today. I ordered the windows, and the new kitchen cabinets today.  I plan on being there on Saturday all morning reviewing things and doing some clean up in the yard.

I do have one funny story, I had 2 independent HVAC companies come to give me an estimate on the project.  They will be replacing the indoor and outdoor unit and putting new duct work in.  The quote from both were about $7800.  I asked each of them to get me the quote in writing.  I couldn’t decide who to use so I figured whoever got me the quote first would get the job.  Well, two days now and no quote in writing.  Today I spoke with my mentor and had another HVAC guy that would most likely do the job for $6000…. So the moral of the story is thank god HVAC guys are slow to give written estimates.  It will save you money! 

I’m also looking for the next project.  I have met a few more possible private money investors that I could use on projects under $200,000.  So I plan on getting them involved ASAP.

That’s all for now!  Hopefully I’ll report back with progress soon.  Have a great weekend!

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