5 Tips for Selecting a Contractor For Your Real Estate Investing team
Vic on Jan 4th 2010
This is a 1st of a 5 part post (one every other day) that will examine how to find a contractor for your real estate investing team. Picking teaming members is very important for a number of reasons and you need all types of team members but the one team member many people struggle with is finding a contractor.
We believe that a contractor is like a partner while the property is being rehabbed, because your contractor will be making decisions (sometime with your input and sometimes without) that can effect your investment and your profits. So picking a competent contractor is important and picking one that has experience has an investor maybe more helpful. Anyway here is the 1st tip.
1. Don’t select a contractor based solely on price.
In this world you get what you pay for. Many times my company has been asked to bail out an investor because his contractor was unable to do the work he agreed to do.
One of the biggest problems with choosing a contractor based on price is the level of both his subs and other labor. If the contractor is the lowest price, he is probably using sub-contractors and laborers that reflect his pricing which costs you both money and time in the long run.
So thats the first tip, look for the others.
Be success
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