All Forum Posts by: Michael Spittler

So, I know this site is full of people always wanting the easy route and just be told what the "best" thing to invest their money in is and this is not that type of post. I am a 20 year contractor with about 6 years of investing experience and have recently relocated to Bainbridge. Most of my investments have been buy and holds that I self manage but have been involved with multiple flips as well. So I am just curious as to what other local investors have to say about what a general and electrical contractor with $120K to invest in Decatur county area should do. Partnering, flipping, residential, commercial, even other investors just looking for a contractor who understands the business side of real estate... I'm also always interested in finding other investors to work with. 

Thanks for reading!

Hello there South Georgia...

I just moved to Bainbridge and I am looking to network with other investors in the area. I am an electrician by trade with 20 years of experience and have been running an electrical and general contracting business out of the state for the past several years and recently relocated to the area. My client base for my construction business was largely other investors because I keep my overhead low and have a good understanding of both the investing side and the construction side of rehabbing for REI. I looking to network with anyone who might be looking for something I have to offer, either as a contractor or as an investor. I'm in the process of liquidating my out of state portfolio to invest locally so I'm hitting the ground running on both the investing and the construction fronts... Lets get together and chat.

Hi there.... I am an electrical and general contractor/Investor in the process of relocating to the area... Bainbridge specifically... Really looking forward to a meetup!

@Mat O'Grady hey buddy thank you for the mention

Thanks Dave .... Hello Peter ... I would like to introduce myself ... I have been in the construction field for nearly 20 years and focus on the southeastern Connecticut and southern Rhode Island areas .... I have been an investor since 2016 and prefer to build my contracting business around servicing other investors .... please feel free to contact me if you are looking at finding a solid contractor who loves what they do, understand how being an investor works and has the infrastructure to tackle projects in a timely manner .... I always love to have discussions with other investors and am very much interested is seeing if my services are something your looking for in your business. 

thanks for your time,

Mike Spittler
The Hermosa Group LLC

@Anthony Porembski

So as both a contractor and an investor I agree in some way or another with each of these other responses. The purpose of a deposit is not just to put money in a contractors pocket without them doing any work.... the purpose of the deposit is to logistically get the job going ... i.e. purchasing materials and to cover operating expenses. It is unreasonable in my opinion to expect a contractor to “invest” in your project by covering material expenses. Now in some instances, such as where you are hiring a contractor for strictly “labor only” as opposed to “labor and materials” I never receive a deposit as I’m not expecting to get paid for work I haven’t done yet... I guess a good example of that would be replacement windows or cabinets that you have ordered directly and hired the contractor to install. Additionally, if a client has a good track record with me, I have started projects before where I didn’t take a deposit just for the sake of getting on a project as quickly as possible. Just keep that in mind, that the purpose of the deposit is to get materials on site . The amount of money that a contractor is allowed to ask for up front is usually governed by state law but generally where I am at, if the job is $5k or less I take a 50% deposit and the remaining balance once the project passed final inspection. For larger jobs it might be paid in 1/3rds or some other payment schedule that makes sense for the particular job...If it’s larger than that there is generally some kind of milestone to be able to identify as a point where another payment is made. I.e rough inspection .... generally unless your doing a very large job there shouldn’t really be a need to pay a contractor a large amount of money for work that has not been completed yet.... and never ever pay a contractor in full before the job is done .... it’s human pshycology that once an incentive to finish something goes away the will to finish it goes away also.

@David Wolber thanks for the kind words ... I appreciate it buddy

@John Geldert yes I am ... well I am based out of Groton and the majority of my investments are in surrounding areas in the county.

@John Geldert reach out to @matt o’Grady ... he runs the groton meetup.... haven’t made it in a few months so I am really not sure where it’s at next month but Matt will point you in the right direction.

Hi there Nick .... I can guess that this move involves the military in some capacity .... well welcome .... I am a veteran who’s been in Groton for the past 10 years .... just got off active duty a couple months ago and now serving in the reserves. I do run a contracting business in Groton as well as invest myself but I definitely pride myself on working with other investors with my contracting business. Good luck with the transition and please feel free to reach out if you need anything