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Updated about 10 years ago on . Most recent reply

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Marcus Irons
  • Investor
  • Norfolk, VA
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Contractors... What should I ask?

Marcus Irons
  • Investor
  • Norfolk, VA
Posted
So the first deal for me and my partner seems to be nearing. We are using a Hard Money lender for our first flip and now we are searching for a general contractor to do the work. What are some questions that I should ask all of the potentials?

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Ahmed Porter
  • Contractor
  • washington, Washington D.C.
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Ahmed Porter
  • Contractor
  • washington, Washington D.C.
Replied

contractor for 15 years call a few people out to look at the project the one who are on time and get you the bid on time should be on your short list.If they can not meet on time are turn bid in  on time are call back in a timely manner are red flags to start off. If you have no idea at all you can get a hud property consultant to do a scope if you are green so everyone is biding on the same work. Do not give to much money up front, I will say it twice do not give up to much money up front that is your only leverage  once its gone so is your leverage,Stick to your payment terms as much as possible,  set up time table and if they are not doing what they say have a back up plan.make sure they have a land line also so easy to change a # and take your money with just a cell phone and a pick up truck just a  heads up. YOur hard money lender should have maybe one to ref you also .Make sure you tell your GC your a investor not a home owner and you are not looking for a home owner price when doing your project. ask him how he plans to do the job a good contractor can lay it out in a few min and show you potential problem that may come up on the job if he is Good. wish you the best Marcus

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