All Forum Posts by: Greg Behan

if you allow the use of it I would mention something in your contract that the tenant is responsible to manage a controlled safe fire or something along those lines.  

I would also be sure to sweep the chimney and have it inspected before you rent it out then annually.  

millionaire real estate investor is my favorite as well

In all honesty I would always keep a paper trail.  

Official estimate

Official contract including payment increments and when they are due

Any change orders

All invoices and receipts.  A receipt should be a lien waiver for the most part.  If you'd to include one feel free.  

I've called people at work before.  I personally just start the conversation apologizing for calling them at work and I'm sure their busy but this was the only contact number you could find associated with this property.  

you've gotta look at the house to make an offer in my personal opinion.   When I get a call off of a yellow letter the main goal is to set up a showing so you can meet the seller and see the property. 

hi cj

A lot of times I treat an investor the same as any customer.  What exactly their scope of work and level of finish is very important.  

Payment schedule is a big one

Also who is in charge of materials

Schedule and completion times should be on the same page.  Some investors don't understand the time certain things take.  

Also it's good to know how many flips the investor has done in the past so you have an idea of their experience and you would want to know how many they plan to do so you can possibly plan for more work. 

I would certainly investigate further.  If you don't know what's going on hire someone who does.   A lot of older houses I've looked at around my area have random cuts in the joists and random pole supports.  This could be a huge no no or a huge bill.   If you have to re frame part of the structure you are opening up a can of worms...  It's definitely doable and a common job but you want to know what you are getting into.  

leads are free.   Look into public records at your courthouse or on their website.

I agree with James.   Most GC's pic and choose some work that they'd like to complete on the job and for the rest we use a good group of subs.  Cheaper contractors tend to be more of a handyman, carpenter, drywall guy, or whatever not necessarily a GC.  That's the main difference between a contractor and a GC.

Hi Andrea.   In my experience it depends on the depth of the projects and the amount of projects.  If you prefer someone else to handle the entire rehab process so that you can focus on other tasks at hand then a good GC or project manager is extremely valuable.  The cost varies a lot depending on the manager and how they price things also vary.

      The fee depends if you are hiring a full time project manager that would basically be like an employee or if you are looking for a GC that manages their own projects.  Basically a GC will incorporate their costs into the total bid for the project, a project manager a lot of times would be an employee of a larger construction company, a builder, or investors that take on a lot of projects.  Most GC's will give you a price and a payment schedule, most payments are due after a specified amount of work is completed.  For instance all demolition is done, all rough plumbing is done, all drywall is done, it really depends how you work it out with your contractor.