Advice for Speeding Up 203k Rehab

[Ben Anderson]

I'm a new investor on the southside of Chicago closing on a two flat next month. I will live in one unit and rent the other one out. I have a 203k rehab loan. I have a HUD consultant too. The scope of work mainly consists of: -new roof -new kitchen -new bathroom -new back porch I want this rehab completed ASAP. How do I work next with my contractor? I read a lot of stories of slow contractors and I want to avoid that as much as I can.

[Nancy Curran]

Put a clause in the contract that contractor is financially penalized for not completing work on agreed upon date. Say, $100 a day deduction.