How to Find Contractors You Can Trust When Rehabbing Remotely and How to Structure Pay

toolsHey Insiders, Patrick here…

In this video lesson, I answer a question from one of our members, Michele Rodriguez. (Hint – check out the title of this lesson.)

And to answer it, here’s all the stuff I cover…

How to find people you can trust for rehabbing:

  • Pick a market where you already know someone who you trust who can be your “feet” on the ground
  • Get referrals to a good contractor (also ask who to avoid)
    • Contact person who runs local REIA
    • Find local investors in your target market online (Google, LinkedIn)
  • Get multiple leads for contractors… so you can get multiple estimates
    • Do NOT automatically say YES to lowest bid
  • Google the contractors name and company name to look for good/bad reviews
  • Look for good signs (been in business for X many years, testimonials, etc.)

What/how to pay them?

  • Contractors may have “standard” pay structure for a job… even if they do, make sure it makes sense for YOU
    • Example – roof job I just hired a guy for
    • Paperwork with timelines and penalties if they go over X amount of time
    • Multiple draws if it’s a big job

All that and more. Watch and learn, friends…

PatrickSpeak Up

Got any other tips? Share in the comments section below.

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