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Started By
Message
Posted on 7/25/14 at 8:06 am to 4LSU2
quote:
People live off of the business instead of paying themselves a salary and live within the means of the salary is the biggest issue. You can't take a 200k check for payment of services and think you instantly have 200k of expendable income.
This.
In addition to overspending personally they think because they just did a project or two they need to go out and buy an F350 for the business as well.
Posted on 7/25/14 at 8:07 am to nolanola
quote:
Not just contractors. A lot of people get in to small businesses for themselves not realizing what they are biting off.
Seems to be more common with contractors though
Posted on 7/25/14 at 8:10 am to yellowfin
quote:
Seems to be more common with contractors though
I can see how. If they have a dozen custom homes in various stages at one time that is a lot to keep organized and could quickly get away from you if you don't have tight controls in place.
Posted on 7/25/14 at 8:11 am to The Levee
quote:
Needed an accountant maybe.
I have built tons of houses without an accountant keeping tabs on the projects expenses for me. Just a simple spreadsheet and I never stole thousands from anyone much less 6 people at the same time. Your friend is a PoS and knew exactly what he was doing in fricking these people and fricking the subs.
Posted on 7/25/14 at 8:13 am to 4LSU2
quote:
1) Drugs have to be involved in some capacity.
Gambling addict
Posted on 7/25/14 at 8:15 am to yellowfin
Bc contractors are usually the same type of uneducated guys you find at construction sites, oil rigs, and car repair garages.
Posted on 7/25/14 at 8:17 am to stout
I still don't see how spreading himself thin is the issue. He still had money coming in from all the people building houses with him. His issue had to be spending, whether it is gambling, drugs, or other toys. Hope they make him sell his new house (should be worth 800-1 million) and pay everyone the money owed.
Posted on 7/25/14 at 8:19 am to stout
My partnership has an accountant and most of us graduated college. It says this guy went to college. He knows better. You know when you are running people around and robbing peter to pay paul. I'm with stout, TPOS.
Posted on 7/25/14 at 8:19 am to stout
If I hire a GC and he pulls something like this, can't the subs lien my house if they haven't been paid for for work they performed?
Or can they only sue the GC?
Or can they only sue the GC?
Posted on 7/25/14 at 8:19 am to deNYEd
quote:
Then you went to school with my gf at airline.
What year did your gf graduate? Airline c/o 99 here. Thought that dude looked familiar.
Posted on 7/25/14 at 8:20 am to VetteGuy
quote:
If I hire a GC and he pulls something like this, can't the subs lien my house if they haven't been paid for for work they performed?
Or can they only sue the GC?
yes they can and will put a lien on your house
doesn't matter if you paid GC either
Posted on 7/25/14 at 8:22 am to VetteGuy
They can use the homeowner. I also think this probably happens mainly to people with a bad BS radar. Most people can probably smell this guy coming. I imagine he talks a lot about how awesome he and his work is and talks himself in circles in general. People skills will keep you away from shady guys 9/10 times.
Posted on 7/25/14 at 8:23 am to yellowfin
Yeah, that's what I thought.
Gonna be a CF for some of those homeowners.
Gonna be a CF for some of those homeowners.
Posted on 7/25/14 at 8:24 am to saderade
He could have also been using money from current jobs to pay material bills on past jobs and it all caught up to him.
I have seen it happen. Some contractors live on credit using their customers money and it eventually catches up to them. Instead of treating each job as the individual job that they are and not commingling the funds they throw it all together and lose track.
It will get you eventually.
There are also the ones that play big shot too fast. They build a few houses and next thing you know they have a full office with a staff and overhead. They usually don't last long. My office is my truck and has been for years. No need to take on unnecessary expenses that you can't meet when things slow down. Of course I learned this the hard way but I never stole from anyone to learn that lesson either.
I have seen it happen. Some contractors live on credit using their customers money and it eventually catches up to them. Instead of treating each job as the individual job that they are and not commingling the funds they throw it all together and lose track.
It will get you eventually.
There are also the ones that play big shot too fast. They build a few houses and next thing you know they have a full office with a staff and overhead. They usually don't last long. My office is my truck and has been for years. No need to take on unnecessary expenses that you can't meet when things slow down. Of course I learned this the hard way but I never stole from anyone to learn that lesson either.
Posted on 7/25/14 at 8:26 am to Libertariantiger
Sometimes they come in with a good rep and flake on you though.
Sounds like this numbnuts was at one point a decent GC. He could've passed the vetting process. Then he pulled these thefts.
Sounds like this numbnuts was at one point a decent GC. He could've passed the vetting process. Then he pulled these thefts.
Posted on 7/25/14 at 8:29 am to stout
quote:
stout
You sure do like to pat yourself on the back a bunch don't you?
Posted on 7/25/14 at 8:31 am to VetteGuy
quote:
Or can they only sue the GC?
They can file a lien on your house and pursue you and the contractor but I don't think any judge would hold the homeowner responsible in this case.
Posted on 7/25/14 at 8:32 am to notiger1997
quote:
You sure do like to pat yourself on the back a bunch don't you?
Not doing that at all and even said I learned my lesson the hard way. The real estate crash 7 years ago just about killed me because I had everything tied up in it and wasn't liquid at all. That is far from patting myself on the back.
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