All Forum Posts by: Blake Forrest

 Hi Blake, I am an experienced rehabber. I concentrate on flips. I have found locating a competent trustworthy contractor is the most difficult challenge to success in flipping properties. Most contractors are trying to maximize profits from each job. As a flipper, you are trying to control your costs to maximize your return on each deal. Your goals are in total conflict. The key is to have a detailed scope of work itemizing the materials and grade of materials to ensure that the contractor will complete the job for the original agreed amount. 

I agree with the contributors who say get more than one quote. Your quotes will not be comparable unless you have that detailed scope of work so that you know everyone is quoting the same job.

You should not advance money to the contractor unless the materials are on site and the work is being performed. The number one reason rehabs fail is the owner advances too much money to the contractor who uses the money to complete other projects or, go on vacation. 

Before paying the contractor a draw visit the property and confirm that the work is completed in a workmanlike manner. This keeps the job moving and ensures that you do not get stuck at the end with a poorly executed rehab. Good luck!

I'd start out by looking for contractors that have working knowledge in the remodel business as they will know the scopes required to complete the project. Make sure to define exactly what you want to do. The less vague the more accurate the pricing. Example - I want to redo the bathroom VS. I want new vanity, tub/shower combo, tile flooring, new mirror etc.

Ask for project list, cost, and scope on previous jobs. Ask if you could visit an active site and/or talk to a previous client. If they push back on this or do not have clients could be a red flag.

Lastly estimates can go up. Contracts lock in pricing. Make sure you review each line item as change orders can get expensive.

There is a size element. I might recommend one GC for a larger project and a different one for a smaller project. If its a single family house flip or a renovation of a multi-family shell. Two different GC;s Tell us what you are doing, please.