Expert Tips for Trusting Contractors in Real Estate Renovations
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In this riveting episode of BiggerPockets, the charismatic Henry Washington takes the wheel, guiding us through the treacherous terrain of contractor trust and renovation woes. With a plethora of house flips and rental property renovations under his belt, Henry is the seasoned navigator you want by your side in this tumultuous real estate journey. He delves into the heart of the matter, tackling head-on the burning questions that keep novice investors up at night.
One of the burning questions that Henry grapples with is whether to pay contractors upfront for property walks or after snagging that elusive deal. His advice is as sharp as a well-tuned sports car, advocating for estimating rehab costs before diving into the nitty-gritty with contractors. By walking properties post-offer acceptance, you not only save time but also build a solid foundation of trust with your contractor. It's a delicate dance of strategy and finesse that Henry has mastered through his years in the field.
But what happens when your contractor hits the brakes, leaving your renovation project languishing in the slow lane? Henry's no-nonsense approach comes roaring to the forefront, emphasizing the importance of a rock-solid contract. This contract isn't just a piece of paper; it's your shield in the battle against tardy contractors and shoddy workmanship. By breaking down the scope of work into manageable phases and tying payments to completed milestones, you ensure that your project stays on track and on budget. Henry's sage advice is a beacon of light in the murky waters of contractor management, steering you towards success in the tumultuous world of real estate renovation.
Image copyright Youtube
Image copyright Youtube
Image copyright Youtube
Image copyright Youtube
Watch How to Find a Contractor Who Works FAST & Scopes Properties FOR You on Youtube
Viewer Reactions for How to Find a Contractor Who Works FAST & Scopes Properties FOR You
Advice on finding reliable contractors, such as going to a local church for references
Importance of finding trustworthy craftsmen who don't do drugs
Paying by the hour or peace work may end up being less expensive than bid price
Lack of skilled labor in America and the challenges of the contracting business
Recommendation for paying a bonus for finishing a job early
Personal experience of downsizing from 11 workers to 1 due to challenges in the industry
Caution about the glamorization of the contracting business on TV shows
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