Rehabbing- Avoiding Questionable Repairmen and Contractors


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Real estate investors want to make the most money off of their investments, especially their real estate rehab projects. Most investors have to hire out a good portion of their rehab to contractors and other tradesmen. Unfortunately, the amount of money to be made in rehabbing is enough to make some contractors and tradesmen to act unscrupulously. Time and experience has taught many real estate investors that there is only one way to keep from being ripped off – avoid questionable repairmen and contractors.

 

How to Avoid Them

Staying away from questionable workers can be tricky. Start by only hiring licensed contractors and subcontractors. Make sure they are also bonded and insured. This helps to keep them from running off with your money and leaving you with an incomplete money pit.

 

Before you ask anybody to take on the job, make sure you get a written estimate for the job, and then make sure they stick to it as closely as possible. If there are any problems or potential changes, an amended estimate should be submitted to you in writing for your approval. This keeps you from being responsible for their screw-ups.

 

The best way to avoid complications with projects is to make sure everyone signs a waiver and release of lien. This means that anyone who provides materials or labor will not have to worry about being paid, In exchange, they aren’t going to put a lien against your property for nonpayment, which would keep you from selling it quickly once it is finished.

 

Where are Honest, Professional Tradesmen And Contractors?

Finding good, honest tradesmen can be a challenge. Start by asking around your community. Sometimes, retired individuals will pick up a side job or two just for a little extra money. People that are happy with recent work that was done for them will refer their contractor. You can also try visiting job sites. When you visit a site and find yourself really happy with how the work seems to be going, that is a good potential candidate for you.

 

Some real estate investors are new in their community or new to real estate rehabbing. In this case, the best place to start is in the newspaper, phone book, or internet. Many of these contractors will be happy to meet with you, give references, and get the information on the project so they can put together an estimate for you.

Real estate rehabbing can be a fun way to make a lot of money quickly. It just takes the right preparation work to make sure you get the right people in place to avoid being left empty handed and unfulfilled.

 

For more information on real estate investing, visit us at Homevestorsfranchise.com. We have what you need to grow your real estate investment business quickly, including real estate investments and real estate franchise opportunities.

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