While ‘Fix & Flip’ is one of the most profitable real estate strategies, it’s highly-risky.
From interacting with potential home sellers to looking for good contractors who can turn the place upside down to selling it for a higher profit, you’ll have to take great care of each and every small aspect.
When talking about the ‘Fix & Flip’ projects, we’ve seen most investors find trouble finding reliable contractors who can turn the place from unliveable to ready to sell.
A wrong contractor can cause utter chaos, which may result in you having to bear a loss and in-turn boost your stress-levels.
Finding the right contractors, a team that’s reliable is important. But, trust me, it won’t be easy.
That’s what we are here for.
We’ve been in this ‘Fix & Flip’ business for years.
And we’d love nothing more than sharing our personalized tips on how you can find the best contractors in town.
Let’s have a look.
This is How You Can Find Reliable
Contractors for Your Next Fix & Flip Project
Following are the tips you should consider:
- Get References from Flippers Within Your Network or Someone You Trust
- Make Sure the Ones You are Screening are Licensed & Insured
- Obtain 3 Bids
- Treat the Bid Appointment as If It’s a Job Interview
- Know the Parameters & Time Frame of the Bid
Get References from Flippers Within Your
Network or Someone You Trust
In today’s world, personal recommendation is everything.
If you don’t already know any contractors, then you might be new to this area.
And finding the right contractor is crucial.
So, before you begin your hunt, get references from flippers within your network, the ones you trust. You may seek advice from your friends and family members.
People you know and trust will be honest with you.
And they would love nothing more than sharing their experience.
Also, if the contractor has done some work for someone in your network, then you may head over to their place and review it thoroughly.
Make Sure the Ones You are Screening are Licensed & Insured
Ask for proof.
Ask them whether they are licensed and insured.
And double check it with the state’s contractors licensing board.
This will help you verify them and learn whether they are eligible to do your job.
Doing this will help you filter out the unqualified ones and work with someone who’s reputable and holds a problem license and insurance.
Obtain 3 Bids
Prepare a set of questions you’d be shooting the contractors’ way.
And ask each one of them the same ones.
Remember – The lowest bid isn’t necessarily better than the highest one and the highest one isn’t the best.
But, if the bid is stunningly low, then it may be a red flag. Something might be fishy.
That’s because the materials required to fix a house aren’t cheap.
Go with someone who has placed a fair bid and makes sense.
Treat the Bid Appointment as If It’s a Job Interview
Okay, now as you are proceeding forward with the hiring process, it’s important to make sure that you are treating it like a job interview.
Let your potential contractors know about it as well.
What if they arrive 30 minutes late? In that case, just don’t give them a shot. The ones who show up late will definitely extend the home fixing timeline.
What if they sound uninterested or are rude on a phone call?
What if their communication isn’t good?
Treating it like a job interview will help you understand whether you can rely on a contractor for years to come.
Ask them the right set of questions and if they make you feel uncomfortable, then just reject their proposal.
Know the Parameters & Time Frame of the Bid
While shooting questions their way, ask them when they are ready to start the project, how much time will it take until completion, how many days each week they’ll work, what’s their pay structure, etc.
This will help you understand whether the contractors you are screening are a perfect fit for you and whether they fit your budget or not.
Conclusion
Looking for a reliable contractor for your next house fix and flip project?
At BuyingJaxHomes, we’d love to help you out.
All you need to do is get in touch with one of our experts and we’ll be in discussion with you in just no time.
What are you waiting for?
Contact us today.