Hiring my first general contractor

[Ayman Elmasik]

Hello BP fellows,

I'm a new investor in Houston Texas and now have my first fix/flip deal under contract.

Couple of questions I have and I'm sure this is the right place to get answers for.

For general contracts

- I'm sure all contracts generated by the GC will cover them very well, what about he investor's side?

+ What are the "must haves" in this contracts to protect my interest? (penalties, schedule, release of lien...?)

+ What clauses that I should never accept?

- When a GC should be replaced? is it only delays in schedule?

- I have been hearing over and over again that referral is a key factor in selecting a GC, Can anyone suggest a good general contractor (investor friendly) in Houston? someone you have done at least 5 flips with (I already have tow that are lined to make an estimate)

Now for selling the house (ahead of myself I know)

+ I found a listing agent who can do full service for 1%, what about the realtor buyer's side (can I make his/her commission 2%) ? the house will be in the 340K range ARV

Thanks in advance for taking the time to read,

[Account Closed]

@Ayman Elmasik, congratulations on getting your first deal under contract!  

Regarding the contract you'll enter into with your contractor, given that state and local laws may govern these, it would be wise to consult with your attorney about the questions and concerns you have to protect yourself.