This issue looks at total renovation at 250 Lincoln Hall in Elizabeth PA. This property is owned by Terry Piper who has successfully completed several rehabs of various sizes. This video takes a look at the at property which was 85% complete at the time.
This project started with a contractor who Terry had worked with successfully on other projects. The contractor crashed and burned on this project. This caused the project to be shut down and created code enforcement issues that Terry had to deal with. Fortunately, he had been observing the work of another contractor for a period of time. This is very important when hiring a contractor, you need to go out to an active job site a number of times to get a sense for the quality of the work, the work ethic of the team, and how quickly they progress through a project. This my seem like a lot of work but it is well worth it. Check out https://www.hardmoneypgh.com/faq/ it is my number 1 most frequent mistake investors make.
Another lesson learned here was the need to stay on top of the project. The more present you are at the job site, the sooner you will detect a problem and get it fixed.
If you would like to discuss a real estate project, even if you don’t require a hard money loan at this time, I am always happy to share my experiences with another investor. You can reach me at https://g.page/r/CTcMtkHdqQHYEBA
Time is of the essence, especially with a hard money loan in place.