The Downsides of Paying by the Hour and the Better Alternative in Real Estate Projects

This chapter discusses the disadvantages of paying contractors by the hour in real estate projects, including slower work and less motivation. It introduces an alternative method of fixed price bidding to incentivize contractors for efficient projects.

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Completing ten real estate deals in only eighteen months might seem ambitious for a rookie investor, but today’s guest had no choice after experiencing a MAJOR loss of income.

In this episode of the Real Estate Rookie podcast, we’re chatting with fitness mentor, professional stuntman, and new investor Matt Ramirez. Between his thriving health business and steady television stunt work, Matt and his family were in a good place financially. Then 2020 hit. With stay-at-home orders and the film industry shutting down, Matt was suddenly making just twenty percent of his usual income. Providentially, he discovered BiggerPockets, caught the real estate bug, and was determined to make a career out of flipping houses. But, like many rookie investors, Matt still had some tough lessons to learn along the way!

If financial hardship has thrown a wrench in your real estate journey, draw inspiration from Matt’s story. Despite struggling to get approved for financing early on and losing money on his third flip, Matt never gave up on his real estate dream. In this episode, he’ll show you how to find the best real estate deals, get financing with inconsistent income, and hire dependable contractors for your rehab projects!

In This Episode We Cover:

Scaling your real estate business FAST without a large income

Finding great real estate deals by leveraging your network

How to get a hard money loan as a first-time investor

DIY home renovation projects you can tackle yourself

The biggest red flags to look out for when hiring a contractor

And So Much More!

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