Originally posted by @Jim & Michele Wilcox:
I am a general contractor and my advice is:
Do Not ... repeat ... do not .... pay any contractor or sub-contractor 1/2 of the full contract amount up front.
If he is unscrupulous - where do you think he'll head? ...... down the road.
Any contractor worth his salt can start a job with 10% down. Then you can pay in full at the end. Or pay in agreed upon "draws" during the job as each segment of that job is completed.
Please be careful.
This is the route I usually go as well for jobs or rehabs I am farming out
I do have a question for the group: I have purchased a very good deal a few hours away and I have verbally hired a GC that I do not know that well (other than a few face to face meetings) who has agreed in principle to flip a home for me
He wants 50% of total project costs up front. I have told him that is a no-go, but let him know I am happy to doll out funds for supplies an around a 1/10th of total initially just to get things going ... that or I could meet with his electrician and plumbing sub face to face and pay them for their work
Usually I use guys I know for these jobs. This project is different ... any feedback appreciated on a long distance job like this
