finding a contractor?

Question

Does anybody know a contractor in the Chicagoland area who would be willing to act more as a consultant than a contractor?  My situation is this:

I am interested in a 2-unit property that needs some fixing up.  If it makes sense, I'd like to purchase it with an FHA loan and include the cost of the rehab in with the loan, live in one of the units and rent out the other.  But before I write an offer, I need to get a rough idea of how much it would take to fix up the house.

Additionally, what I'd really like to do is work with somebody who'd be willing to give me a fair amount of creative control in the renovation.  I'd like to source my own fixtures (vintage/ salvaged/ thrifted) and do some of the work myself/ w friends who are handy.  (I realize that a lot of things could go wrong, but for me, that's part of the learning process!)  But I believe most contractors want to hire their own teams and use their preferred vendors, am I right about that?

If anybody can make a recommendation, or let me know how to go about sourcing somebody that might help, it would be greatly appreciated!!  (And yes, I have plenty of ibuprofen!!)

Thank you!

Account Closed · Answer

is there a list of contractors on BP? there is one for hard money lenders. I don't know personally. good luck!

Jeff McCaskey · Answer

Melissa B. You could probably look around and end up finding someone to work with. It will probably be slower doing it this way just keep that in mind. Something you might try is getting with your friends and family or coworkers and finding out if any of them know anyone a) that you could be referred to and b) that they know personally who you might be able to get some advice and onsite direction from in order to move at your own pace and leave room on there to learn in the process.

I'm pretty certain if you found a contractor to hire on this it will be a higher hourly rate to do it this way just because as you had basically stated, it won't be as efficient as them typically coming in and using their own people and just getting it done and getting out.

Just my opinions, I don't know Chicago markets.

Melissa B. · Answer

thank you for the encouragement Account Closed !

Antonio Marte · Answer

If you have any hvac related questions I would be more then happy to help as best I can. I'm in NYC though. Good luck with your plans!

Dooreuhn Cee · Answer

Time is money.  Just work out a deal with a contractor for a no strings attached, per property assessment.

You could also just ask for estimates on potential properties, but eventually the contractor will get annoyed with theoretical jobs.

Melissa B. · Answer

@Brent Cullipher much appreciated feedback and counsel-- a great reminder to be assertive, thank you! and I will check out that podcast!!

@Jeff McCaskey  thank you for your perspective!  agreed, it would be great to find someone within my network of family and friends, haven't found someone yet but i'll keep looking!

thank you both for your time and willingness to contribute!!

Brent Cullipher · Answer

If I were you, I'd post this same exact question on Craigslist..  Be prepared for multiple calls and be prepared to vet.  You'll have to delete the post within a day as you'll get so many responses.  Do your due diligence in regards to vetting them.  License, insurance, current jobs, recent verifiable work etc.  I was just listening to J Scott's podcast on show 10, I believe, and he has a "Project Manager" who handles that whole aspect... contracting, crews, material, time line etc.. the best part about this form of his business relationship with his Project Manager is that he is paid a percentage of the profit that Scott makes, whereas contractors generally make more money the more work they do, his guy makes more money when Scott makes and saves more money.  So their interests are aligned.  Something to consider.

If not going this route, and you choose to find a contractor who knows the more work he does, the more he gets paid, possibly on material as well, you need to have 100% control.  This is your business, you don't ask for creative control, you take control, when hiring someone let them know how youd like them to operate.  Set spending paramaters, timelines, cost per day fees after timeline etc.  This is a business and you are talking about hiring someone to do a job.  Make sure its done to your liking. Contracts with specifics. Don't pay upfront, ever!  Possibly draws, preferably after completion.  Just depends on what yall negotiate... but i'll say it again, never upfront.  I've lost thousands paying upfront.

Hope you find what youre looking for.  Good luck!

finding a contractor?

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