There may be no "written" contract signed but there is an oral contract (which is legal) to which you have admitted to.........now as to who breached what will depend on which side of the story one listens.
My advice is simply this, contact him and have him pick up his tools and pay him for his labor based upon a professional rate for a professional job. If the work is truly shoddy, then have an inspector check same and put it in writing. Make sure you get Lien Waivers prior to paying him....failure to do such will most likely result in further headaches.
If there is potential that things could escalate then have a police officer stop by at an appointed time......have him pick up his tools and advise him not to return to the property. If he does return then charge him with trespassing.
In the mean time, document everything.....the more documentation, the more you bolster your case.
Rarely is there ever an amicable parting in such a scenario.
Chalk it up that you both screwed up and move on.
Need less to say, next time have a well written contract with all the particulars mapped out.
I am new here and a student studding rehabbing real estate. On any project I have learned that a signed contract is a necessity and should be signed by both parties. Also should have included an exit strategy for both you and the contractor since you both agreed upon a 50/50 partnership.
This sounds like the classic sub-contractor. But if you were to pay this contractor for his services you would probably want to create a payment schedule for the work done. Which payment would be made on the exact date each week.
Contractors will give you a written estimate for the work and will supply all materials. I would have never entered into a partnership with my contractor ... bad things do happen to good people. I wish you the best and the worse case sinaero you would perhaps have to absorb the loss.
http://forum.brokeroutpost.com/loans/forum/2/230400.htm seems to have some info.
The easiest thing to do is to contact a loan officer that is competent and have him to the brain work for you on this.
There is still seasoning issues of 90 days but you can get a waiver for things like a SS etc.
[addsig]
How is the property titled?
[addsig]
There may be no "written" contract signed but there is an oral contract (which is legal) to which you have admitted to.........now as to who breached what will depend on which side of the story one listens.
My advice is simply this, contact him and have him pick up his tools and pay him for his labor based upon a professional rate for a professional job. If the work is truly shoddy, then have an inspector check same and put it in writing. Make sure you get Lien Waivers prior to paying him....failure to do such will most likely result in further headaches.
If there is potential that things could escalate then have a police officer stop by at an appointed time......have him pick up his tools and advise him not to return to the property. If he does return then charge him with trespassing.
In the mean time, document everything.....the more documentation, the more you bolster your case.
Rarely is there ever an amicable parting in such a scenario.
Chalk it up that you both screwed up and move on.
Need less to say, next time have a well written contract with all the particulars mapped out.
NC_Yank
Good idea, pay him out and make a clean break. You will win in the long run by doing so. To fight it out w/ him will only drag you down.
I am new here and a student studding rehabbing real estate. On any project I have learned that a signed contract is a necessity and should be signed by both parties. Also should have included an exit strategy for both you and the contractor since you both agreed upon a 50/50 partnership.
This sounds like the classic sub-contractor. But if you were to pay this contractor for his services you would probably want to create a payment schedule for the work done. Which payment would be made on the exact date each week.
Contractors will give you a written estimate for the work and will supply all materials. I would have never entered into a partnership with my contractor ... bad things do happen to good people. I wish you the best and the worse case sinaero you would perhaps have to absorb the loss.