Rehab tips that are budget friendly

[Yusef Presley]

Any tips on rehabbing a house to rent out on a budget? Would it be cheaper to buy supplies and pay contractor hourly or allow contractor to do it all and pay large lump sum ? Just trying to get the home section 8 livable  

[Charles Carillo]

@Yusef Presley

I would avoid paying contractors hourly and make sure there is a construction draw schedule in the contract that clearly outlines when funds will be dispersed to the contractor throughout the project instead of one lump sum payment. The draws would be set as certain construction milestones are completed, and the contractor would then receive a draw (a payment).

[Yusef Presley]

Quote from @Charles Carillo:

@Yusef Presley

I would avoid paying contractors hourly and make sure there is a construction draw schedule in the contract that clearly outlines when funds will be dispersed to the contractor throughout the project instead of one lump sum payment. The draws would be set as certain construction milestones are completed, and the contractor would then receive a draw (a payment).

Thank you so much Charlie for this great information good to know.