All Forum Posts by: Ryan Butler
Ryan Butler has started 6 posts and replied 18 times.
Post: Contractor Documents & Paperwork
- Posts 20
- Votes 17
@Alan F. Thanks! Hadn't thought about getting added to his insurance I'll definitely look into it
Post: Contractor Documents & Paperwork
- Posts 20
- Votes 17
@Shaza Atassi thanks I'll add those to the list!
Quote from @Katie Smith:
Hi Ryan!
I’d recommend connecting with an investor-friendly insurance broker. Pro tip: ask about a “continued until canceled” policy. That way, you pay monthly instead of having to cover the entire year upfront and you're not stuck with the policy for 12 months, or whatever it is. It’s especially convenient for smaller rehab projects where you may not need coverage long-term.
DM me if you'd like a recommendation! I refer my clients to someone specific who works quickly and doesn't hold up closing, which is also very important.
Thank you for the advice! I'd love to connect and hear any recommendations you might have
Post: Contractor Documents & Paperwork
- Posts 20
- Votes 17
I'm in the closing process to buy my first rehab property and have found a GC that I want to work with. I want to have everything setup and in place before I officially close so that we can start construction on Day 1. I realize that I need to get some documents from my GC and have him sign some contracts before we start officially working together but want to make sure I'm not forgetting anything that might put me in a bad situation.
This is a list of all the paperwork I plan to collect so far:
1) IRS Form W-9
2) Independent Contractor Agreement
3) Scope of Work
4) Payment Schedule
5) Insurance & Indemnification Agreement
6 ) Lien Waiver (after work is completed)
(I have already gotten their license and insurance information)
For the experienced flippers out there -- are there any other documents you normally collect from your contractors? Also does anyone have a standard version of any of these documents that they use with all contractors or know where I might be able to find something like that? Wondering if I should just look online or have an actual lawyer put together official contracts.
I'm in the process of closing on my first fix & flip house and trying to figure out what insurance I need / should get. It is a single family home in Massachusetts and I will be doing mostly light rehabbing / cosmetic work but I will be taking down a wall and gutting both bathrooms and the kitchen.
After doing some research on homeowner's insurance I realized I will likely need to get renovation builder's insurance but am wondering if I need both or if the builder's insurance covers me for homeowners. Also is there anything specific I should be looking for in this type of policy?
If anyone has experience and advice with this or has a recommendation on what company to use I'd love to know.
I recently decided to start flipping houses and am in the process of looking for my first deal. I would like to get in touch with some general contractors before I purchase anything so they can walk some properties with me and give me some estimates. I would prefer someone that is investor friendly / has experience working with fix & flips and am willing to pay whatever hourly rate they may charge for this service. If anyone on here is a GC or knows a GC that has this type of experience, please feel free to reach out!
Quote from @AJ Exner:
Finding a good deal source, buy-box, or a strong realtor who is knowledgeable on the area and what you are trying to do.
Otherwise, securing reliable funding is going to be your next hurdle. A lot of good lenders and brokers on Bigger Pockets but certainly being aware of who is financing in your area of interest with specific knowledge on amounts, leverages, and experience requirements to go along with rates.
Being up front goes a long ways, so talking to groups and have a good idea on what you are trying to do will really help.
Good luck though! Tons of good opportunities and never too late to jump in!
Happy to connect and help if it would be helpful.
There's definitely a lot of financing options and it is a little overwhelming. Trying to have as many conversations as possible and research as much as I can. Would love to connect and hear any thoughts you might have!
Quote from @Jeb Durgin:
Hey Ryan — props to you for jumping in! Sounds like you're in a great spot to start, especially with some experience already under your belt. I remember the day I called it quits on the main job and focused on this business. Its a big leap, but a good one :)
From what you’ve got lined up, it seems like you’ve got two main paths:
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Go high leverage — borrow with hard/private money, maybe use the 401k loan to supplement, and keep your cash as reserves. This lets you do more deals, but comes with more risk and tighter margins.
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Be your own investor — use your own capital, either from savings or your 401k (ideally not a full withdrawal), and avoid lender fees and high interest. Less risk of overextending, but it limits how many deals you can do early on.
Neither path is “wrong,” it just depends on your comfort level with risk and speed. You could even do a mix — self-fund your first flip to learn the process, then start using leverage once you're more confident.
Keep us posted on what you go with — exciting stuff ahead! If you would like to talk more about either option, let me know! Happy to jump on a call
Hi Jeb - this is exactly what I was thinking. Just trying to figure out which on is right for me, still going back and forth as I weigh out pros and cons of each. I appreciate the positivity and would love to connect. I'm very excited about what the future holds but still have so much to learn.
Quote from @James Derry:
Hi Ryan, I just moved out of Massachusetts in 2022. I still have many active contacts there if you are looking to stay local. Let me know what your needs are. I have qualified realtors, GCs, PMLs, inspectors, etc. You name it, I likely have someone trustworthy.
Hey James - Thanks for the offer, I can definitely use any contacts / resources you have available! I have a great realtor that focuses on investment properties and helped me buy the multi-family I'm in now but he is the only resource I have at the moment. At the moment I probably need a GC and PML more than anything. Either way I'd love to connect and hear any advice you might have!
Quote from @Matthew Crivelli:
@Ryan Butler We are local to the area. There are high leverage options available where you wouldn't have to pull much from your 401k to buy a flip.
Thats great! I'll shoot you an email so we can connect