Wednesday, May 18, 2005

Making Some Money

Well, one way or another, I will be making some money on this property. I just called Joe The Cabinet Guy and asked for an update. He said "You're gonna be making some money on this." He'll call me at the end of the day to give me more details, but he did say he knows what he signed and he's good for the money. I'd prefer to make more money by selling the place, but $100 a day is better than nothing.


Steve said...

Glad to hear you are getting a little repreive, Shaun. With your red-hot market, it may even be a win-win situation for you (i.e., $100/day plus appreciation). :-)

Anonymous said...

At this point I would simply pull the plug on cabinet guy. It sounds like you've given him an inch, and he's taking a mile.

jim said...

I'm inclined to agree with Anon, the longer you wait the fewer opportunities you can capitalize on because your money is tied in this property... at least you know that you won't have to deal with this guy next time you need cabinets.

Anonymous said...

At this point he should be paying your holding costs. Hasn't this been going on for about a month now:-(

I'm getting frustrated and it's not even my property.

Shaun said...

Don't even talk to me about frustration! :-) Yeah, it's been going on way too long. But the good news is he told me it should be done on Monday. Since I paid cash for the property, my only holding costs are property taxes and insurance. Of course, I can always claim lost rental income, even though my original intent was to flip the property. Property tax runs about $76 a month and insurance about half of that. So even including lost rent, $100 a day more than covers it. Of course, I should have started charing him this a couple weeks earlier...

I actually called him today to threaten him with a lawsuit, but then he told me it would be done Monday, so I didn't have to make that threat.

In the future, I'm going to include the $100 / day late fee in all my contracts with an added note that the late fees are to be paid weekly. My concern was this guy would run up a huge late fee bill and then not pay.

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