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Updated over 3 years ago on . Most recent reply

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SivaNaga Prasad Shola
  • New to Real Estate
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Seeking First rental rehab suggestions

SivaNaga Prasad Shola
  • New to Real Estate
Posted

I closed my first rental property couple of days ago. It needs cosmetic work and bathroom touch ups. My general contractor gave a bid without itemized estimations and asking for 50% of the bid to start the job.

Should I wait for the itemized estimations and pay only after the work is done?

How should I proceed with payments, I need suggestions how to handle the rehab with a contractor you are working with first time?

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Bruce Lynn#1 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
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Bruce Lynn#1 Real Estate Agent Contributor
  • Real Estate Broker
  • Coppell, TX
Replied

Pay for work completed....50% is a lot...not that they don't ask for it, but you risk them walking with your money and not doing the work.

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