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so we (our company/not people) are buying out a company and we are creating another company but the same people who are selling us the company are 50% owners in the new company. They are under the impression that we (my brother and I) owe them 5 million and not the company. While we see that as an investment that should be paid through out the success of the new company and written into the operating agreement. Can you please help me find an alternative to this last snag in the deal....Read More
Anonymous General Contractor
2 answersAdd commentNov 9, 2021
IllinoisCash FlowConstruction AccountingConstruction ContractLegal Property DescriptionPay Applications
When dealing with an owner who has a hard money loan who refuses to give a deposit on a $130,000 job that has a deadline in 4 months how many payments should I require. These payments would be upon completion of certain portions of the project. They also tried to get me to sign a lien waiver that stated I had been paid and post dated till due date of project. Needless to say I’m not trusting them and want to cover my but as best I can....Read More
Anonymous Contractor
1 answerAdd commentOct 20, 2021
WashingtonCash FlowPay Applications
I am having an addition put on the house. We've defined a payment schedule with completion requirements. The construction contract was signed on May 28th and it's still not completed. Unfortunately, there wasn't a timeframe for completion in the contract so I don't believe i can get out because it's taken far too long to complete. My big problem is that his subcontractors have started coming to me saying they haven't received payment from him and are asking me to pay them directly. The subs said they can have a lawyer write up a release saying I'm paying them directly and won't own that money to my contractor. The payments outstanding to the subs plus the money already paid to the general contractor would nearly put me at the total cost of the job. Should I pay the subs directly? Can I recoup money from the contractor? Can I get out of the contract and recoup money?...Read More
Scott Martin
1 answerAdd commentSep 28, 2021
New YorkCash Flow
I was hired by a guy I called my friend. He was hired by a disaster restoration company. He wouldnt tell me what company, or which insurance company. I performed services and provided materials for plumbing repairs. When I gave him the invoice he began to question everything on it. He also became verbally abusive. He told me he required all of my receipts for materials. I do have mark up on my parts. I also added profit and overhead to the bill. I can’t seem to get him to call me back. I performed this work on time and materials. No upfront contract. I also have been made aware that the house has asbestos in the mud of the walls and I did cut holes which has exposed me. What can I do to get paid?...Read More
Anonymous Subcontractor
1 answerAdd commentSep 7, 2021
ColoradoCash FlowSlow Payment
I am a subcontractor. I finished this job 5 months ago and I still haven't gotten paid the remaining balance due. I have late fees and sometimes they don't pay the late fees as well. They said they would pay me but it's been a month and I haven't heard from them anymore. I was wondering what I could do?...Read More
Anonymous Subcontractor
1 answerAdd commentSep 8, 2021
CaliforniaCash Flow
Crowe Construction needs help in applying and receiving funding from or through the SBA I'm not sure if I am doing this correctly . I need to know the sure fire way to get the help we need . COVID -19 has been detrimental and really put us down . I know with the help of a loan or grant that we could get our company off ground level again . I have applied for the eidl loan ,however I am not sure I did it correctly due to the lack of response from SBA. And I did get the targeted eidl advance which helped tremendously . But not near enough to put us over that edge and kick start us on our way down the path without worries of any little hiccup ruining us again . Any help would be greatly appreciated. ...Read More
Anonymous Contractor
Waiting for answerAdd commentAug 13, 2021
ArkansasCash Flow
Remodeler/Contractor to finish deck rails Owner buys all materials He wants $1000/day 2 skillled 1 semi-skilled, 1 go-fer He is stating that he feels the job will take 4 days and wants $2000 up front I feel like he should do some WORK before a draw of any kind If hes short on cash then close of day, but even that is short for the owner...what if he doesnt stick with the job and complete? Owner liability again and delays completion of project. info@LakeNorman2GO.com ...Read More
Jody Roody
Waiting for answerAdd commentAug 4, 2021
North CarolinaCash FlowPay ApplicationsRetainage
I won a search firm and a long time client has cash flow problems and owes me 255 K and stopped paying me he told me he would offer payment plan I do not want plan. I want my money. I have a great contract he signed for to pay everything in case of court What kind of lawyer would take this case construction lawyer?...Read More
Robert W
1 answerAdd commentJul 13, 2021
FloridaCash Flow
We still have not been paid on this job. Finished over a year ago. Looking for advice/action...Read More
Anonymous Sub-Subcontractor
2 answersAdd commentDec 29, 2020
GeorgiaCash FlowCollectionsCredit ManagementPayment Disputes
I’m a subcontractor for a larger company and I was a large project for them throughout 2020 and until May 14 2021 back in January they informed me that their budget was getting thin and well on May 14 a project manager showed up and said that they didn’t have any money left and they were taking over the project and my services were no longer needed. I asked them to do an inventory check and a Jobsite walk to turn the project over to them appropriately and they did not I then followed up with a few emails and text asking for a Jobsite walk and they didn’t respond. I also asked for payment and they either ignored my request or gave me the run around. Finally I was able to contact someone hire up and he had a meeting with me and the people involved they started saying that a lot of the work was wrong and they are doing rework and there will be charge backs and I even asked them to give me a list of items and I would repair them as I warranty my work and they refused. All the work that was done throughout the time we were onsite was inspected and signed off by the LADBS electrical inspector and there was quality control walk with the general contractor. But they are claiming that there are major repairs being done. That’s why I wanted a site walk to turn the job over to them and see if there were any issues while I was still on site. I believe that they are doing this to try and not pay the remaining invoices the total was 142,500 and I was issued a check for 30,000 a few weeks back but there still hasn’t been any resolution I would like to know what are my options if any. Thank you ...Read More
Anonymous General Contractor
1 answerAdd commentJun 22, 2021
CaliforniaCash FlowPayment Disputes
I feel I got to show the customer something in order to get the job...Read More
Anonymous Contractor
Waiting for answerAdd commentJun 16, 2021
FloridaCash Flow
I am having a hard time getting.the insurance company to compensate for todays lumber prices on a loss I incurred. They originally said the premium had a 10% overage but are balking at giving ke any more money....Read More
Anonymous Contractor
1 answerAdd commentMay 11, 2021
MichiganCash Flow
We recently inquired partnering up with a invoice factoring company to help with the extreme growth of our company. We were in need of cashflow solutions fast and started the process in December. From December to end of January we paid almost $2k for company fees and underwriting fees. We soon realized that although we had already CLOSED twice with their underwriters, they kept adding restrictions the original term and kept putting our account on hold because we did not want to agree with those added terms; this was done twice and each time they charged us to write up another contract. We finally cut ties with that factoring company and just took the lost of money to not have any relation with them, I also want to add that this process took so long that they actually received a check from one of our customers to their remittance address and ignored us for almost a week on the release of the payment. They only released that check once I threatened to report them to the factoring association. This factoring company filed a UCC on my company even though they never factored any checks or financed us. We now have been working with another factoring company that has been very helpful in our situation, but we have hit a a stop in the process because the first factoring company does not answer us to release the UCC filed on my company. Our new factoring company was able to get in contact with the first company but they just put excuses in order to not release the UCC (they say they need to speak to me but never call/answer my calls). Long story short I am stuck now because the first factoring company did not want to fund us, rather robbed us almost $2k, and also doesn't want another company factoring use by holding that UCC. This is hurting the operation of my business and I need to do what ever it takes to not let the first company hold the UCC cause me not to be able to get funded. Please advise ...Read More
Anonymous Subcontractor
1 answerAdd commentFeb 9, 2021
GeorgiaCash Flow
D&S Construction was a Sub-contractor on a HUD project, Cornell Street in SLC, Utah. We had completed work in December 2019. The condos have passed all inspections and are now occupied by residents. All CPRs were summited and accepted. We are still owed 70,000.00 in retention and the contractor says HUD is holding our moneys. What do we do?...Read More
Anonymous Contractor
2 answersAdd commentOct 8, 2020
UtahCash Flow
We use a good, medium-detailed California Home Improvement Contract, and it has been working fine. I actually appreciate how it helps us be more diligent in the preconstruction stage, which in-turn helps our projects run more efficiently. However, one concern that has come up is that their does not seem to be any provision for preconstruction work in the Home Improvement Business code. There are way more regulations, requirements and codes to follow than when that code was enacted. Today, if a contractor wants to run a successful project that conforms to the business practices code, the local building code, the HOA and CALGreen requirements, the energy requirements, the drainage requirements, construction waste requirements, and air quality requirements (I am sure I am missing somebody), then project management and preconstruction is a necessary step. The amount of work that my office staff and myself have put into planning the current project is by far the most that we have ever done for a project this size. Meanwhile, since we haven't started physical work yet, we can't collect more than $1000. So my current plan is to include a Construction Administration amount on the first progress payment invoice, to at least catch up. The problem is that the job doesn't start for two weeks and the first payment is two weeks after that, and I already have been carrying some of the work for a month. Luckily i have other work for now. Anyway, my long winded question is this: Would producing construction specifications and construction schedules be considered tangible evidence of work where I could collect a payment now? Since we produced both of those documents and they are officially apart of the contract documents, along with the architects' plans, would they constitute work completed? For future, is it possible to charge for estimations using a letter of intent and still fall under Home Improvement Business code? What if I went in as a PM with a PM contract?...Read More
Anonymous Contractor
Waiting for answerAdd commentJan 7, 2021
CaliforniaCash Flow