Short Term Rental Riches 42. What You Need to Know About Working With Contractors
Sep 1, 2020
Delve into the essentials of working with contractors in real estate. Discover three crucial tips for getting accurate estimates and ensuring you won't be ripped off. Learn how trust and long-term relationships can save you significant amounts, like the $20,000 Tim recently saved on a project. Explore effective strategies for finding reliable contractors and navigating the complexities of construction relationships. Whether you're a seasoned investor or a newbie, these insights are invaluable for enhancing your contractor interactions!
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HVAC Job Overcharge Story
- Tim's friend's grandmother was quoted $21,000 for an HVAC job on a normal home.
- Another company completed the job for $7,800, showing the huge markup and risk of being ripped off.
Get Smart Before Bidding
- Learn about the job you want done before asking contractors for estimates.
- Get multiple bids and ask for labor and materials to be broken out in the quote.
Work Agreements and Payments
- Always get the contractor's job agreement in writing, even small jobs.
- Avoid paying too much upfront; ask what the normal upfront payment is for the job.