Builder unable to complete the project

[htexas]

What is the name of your state?Lousiana

We have invested/transferred some amount to our friend in LA. They already bought old house, He promised he would use our money to rebuild and sell. It happened in 2017, I have been following up on this with them, but no progress made so far. When I contacted them recently, they said they can't promise any commitment as they don't have money to complete the project. Please advice.

 

[PayrollHRGuy]

Was there a written contract?

 

[htexas]

Written contract is there, but there is no timeline, but he promised to complete in 6 month so we trusted. He is an individual builder and does small projects like 75k range.

 

[Zigner]

Was this an investment?

 

[adjusterjack]

With friends like that, you don't need enemies.

 

[htexas]

yes Flip home.

 

[Zigner]

An investment doesn't generally have a guaranteed return.

 

[htexas]

He didn't even start the project since 2 years

 

[Zigner]

You need an attorney that specializes in real estate matters.
On second thought - that might not be true. You probably need an attorney that specializes in contracts in general...