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Updated over 7 years ago on . Most recent reply
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Please help this newbie!
Can some one please give me some guidance about how to find General Contractors in R.I that work with investors?
Thank you!
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@Vania Castillo Get someone to PM you with recommendations. Good thing to be looking for General Contractors. If you are early on in your investing career - you probably don't want to manage the project yourself. You didn't ask but I will give you a few very basic tips.
Know your rehab costs BEFORE your purchase the property. Have a solid contract with the GC. Have construction phases/goals in place and draw schedule in place. Don't distribute funds until a phase or those goals are complete. Do your own inspection or have someone help you before you distribute funds. Of course, the first draw you will have to pay without an inspection, but in place of inspection - you need to see a project plan with timetables(COMPLETION DATE) - if that isn't already in the contract. Get a plan and stick with it - don't change in mid-flight. It will kill your ROI and lengthen your project. Make sure your funding is there. You don't want to have the contractor doing a good job and then you make him wait for funds. He will FAIRLY find another job and push yours to a lower priority.
If this is truly an investment - don't get too attached to the property or the project - you aren't going to live in it and nothing is ever 100% perfect. This is just a way to take money and make more money with it.
Hope that doesn't sound condescending - it's just all good advice that someone gave to me many years ago.