General contractors want to much money prior to starting job.

[Josue Velney]

I recently purchased a 1402 Sq ft condo in Charlestown MA. I knew the condo association was reviewing bids  for an upcoming exterior paint job and repairing rotted wood. After closing on the condoI asked if they could send me the bids. As a GC myself I like to review that kind of stuff. I could not believe my eyes. A few bids came in around 45k which I was not shocked at. I was shocked when I saw one bid as high as 102k. The biggest issue I saw on the bids was everyone wanted 10 percent down the day the contract was signed and 33 percent on the day work would be scheduled to start. Long story short we I refused to let the condo association sign anything. I have always said you can trip over a good electrician and a good plumber but finding a good GC is like hitting the lottery. Nobody should ever put down so much money prior to any work being done. I understand materials cost money but 43 percent down is unrealistic.

[Scott Graham]

Rule #1: Protect your cash and your investment.

I work full time as a contractor managing $100K-$750K residential renovation projects. We ask our clients to give us $1000 retainer fee.

If a contractor asks for 10% down and 33% on the start date - he clearly does not know how to manage his finances, manage the companies cash flow and manage paying his subs.

My advice, call the next guy in the phone book.