Hiring a Contractor
Hiring a contractor requires that you set some really clear rules for doing business, and ensure that deliverables are met BEFORE making payments.
Don't give more than enough to get started or else you could end up with unfinished projects dragging on much longer than you expected.
Below are some ground rules and checklists:
DEALING WITH CONTRACTORS
"As I grow older, I pay less attention to what
men say. I just watch what they do."
Where to Find them:
1.Service Guide in the News Paper
2.Referrals – Friends/ Family/ Broker
• Make Sure You have the Property Under Contract before getting a Contractor Involved
• Talk to Previous Clients & Visit Previous Jobs
• Always get 3 Estimates for all work!
• Make sure the Contractor is ready and willing to Start when you need him
• Make Sure You have Your Check list or Scope of work when meeting the contractor & that his estimate includes everything on your check list or Scope of work
• Turn on all Utilities & Check Systems before Contractors Start
• Never Give the Contractor More than 10% Up Front…Especially the 1st time You use Them!
• Never give a 2nd Draw Until enough work has been done to cover the 1st & 2nd Draws
• Never, Never, Never, Give a Contractor the Final Draw Until al the work is 100% complete!
• Don’t be a know-it-all…Ask the Contractor for Input on how to best do the Job for the Least Amount
• Make Sure the Contractor is removing all leftover Material & Garbage for Your Property
As a real estate investor It will come in handy for you if you do the following action steps:
1.Start Building Your Price List
2.Start Building Your Contractor List
3.Start Building Your Handy Man List
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