Flipping America 329, Contractors

podcast 329 Contractors

Today we are going to deal with one of the most often asked about topics that come to the show. Finding contractors. Or more specifically, finding GOOD contractors. A good contractor can make your business and a bad one can break it. Ask me how I know this. In a few minutes I will tell you what type of contractors you might need, how to find them, how to vet them, and how to manage them. All of this in response to questions from you! 

How to contact us

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  • The Flipping America REIA meets every Wednesday from noon to 2 and Thursday from 7-9. You can join the REIA and learn real estate investing from the comfort of your own home, or get together with a few friends and form a chapter in your area. Learn more at flippingamericareia.com.  
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  • FlipCalcs allows you to enter one data set about a property and consider up to six deal ppossibilities. 
  • “Real Estate Investing Quick Start” Fifteen lessons to start your real estate investing career. Study from the comfort of your own home. I give you 8 action assignments in lesson 1 and show you how to complete them while holding your feet to the fire over the next 15 lessons. bit.ly/requickstart.

News: Are we heading toward recession?

  • From Goldman Sachs, Financial conditions continue to ease, which should be a tailwind for economic growth. 
  • From HPS Insight, Consumer sentiment remains elevated
  • Growth in revolving consumer credit is falling behind the increase in wages. According to TS Lombard, this indicator typically spikes heading into a recession or periods of perceived economic stress. TS Lombard
  • John Burns Real Estate Consulting, Single Family construction permits continue to rise, now in the 9th year. (expansions typically last 2-5 years)

Topic: Contractors 

Resources: https://www.nascla.org/page/LicensingInfo

Your Questions

  • Arlene, Austin, TX, “I need help finding a good contractor. The guy I’ve been using has been ok, but he’s retiring.” 
  • Sammy, Brookfield, WI, “Do I need to line up a contractor before I find a deal? If so, how do I do that?
  • Kenneth, Lancaster, PA, “I was told to get three bids before beginning the work. I can’t even get someone to come out and give me one bid. How do you get three?”
  • Michelle, Tampa, FL “I don’t have any problem finding contractors, but I need help knowing if they are any good. Can you offer some thoughts?”
  • Wes, Jacksonville, FL, “What questions should I be sure to ask when I’m interviewing a contractor?”
  • Beatrice, New Port Richey, FL, “What are the two or three most important things you look for when hiring a contractor?”
  • Marcus, Boulder, CO, “How can I know whether the contractors are charging me a reasonable price?”
  • Elliott, Pittsburgh, PA, “I was checking on a guy – seems like a real nice guy. But in the state records, I see he has had a couple of other companies that seem like they are in the same business. It’s almost like he shut down a company and then started another one just like the one before. Why would he do that and should this make me cautious?”
  • Marilyn, Chattanooga, TN “I tell my contractor what I want, he says it won’t work and suggests something else, which I think will be ugly. We are talking about removing a wall. I want the beam up in the rafters and he says it’s too much trouble and expense. I don’t want the beam hanging down creating a visual divider. We had a big argument about it. When I came back to the site a couple of days later he was doing it the way he wanted. I lost my cool and yelled at him. He picked up his tools, loaded up his guys and left. Now I can’t get him back and he won’t answer his phone.”
  • Peter, Baton Rouge, LA “Do you have a contract I could borrow? I need a template or something.”
  • Juan, Pontiac, MI.. “How do you handle change orders?”
  • Amero, Toledo, OH “We installed a new air conditioner unit outside. The next day it was stolen. The police don’t seem interested in trying to track this down – I guess they have more urgent things. They did tell me that the person who stole it knew how to disconnect it. What can I do to avoid this in the future?”
  • Catherine, Kokomo, IN, “Can’t I just be my own general contractor and hire subs myself?”

Motivational Thoughts for the day

  • “There are TWO Rules for Success. 1. Never tell everything you know.” -Roger H. Lincoln

Expected Air Date: Monday 1/20/20

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