Your success as a landlord often depends upon your ability to undertake rehab projects efficiently. These projects are made possible by the expertise and experience of contractors who provide the materials and the labor. Therefore, successful rehab is a direct result of your ability to find the right contractors. You cannot hope to spend your time keeping an eye on the activities of your contractors. But you can solve all your problems if you know how to hire reliable and honest contractors to carry out rehab in your properties.
You can suffer from losses on account of poor-quality contractors
It is common for landlords to be fooled by some contractors, especially when they are just starting out and do not have prior experience of dealing with contractors. However, you can prevent being ripped off by unscrupulous contractors if you learn from the mistakes of other landlords. You should never make advance payments and keep an eye on the quality of materials used by your contractors. Another thing to be aware of is the delaying tactics of some contractors that can result in cost overruns and delayed rehab projects.
Ask for referrals from other investors
Finding the right contractors who are reliable and honest is not an easy task. But you will certainly find a few contractors who are close to being perfect according to your requirements. The best source of such contractors is investors like you. Get referrals from other investors as they make use of services of contractors just like you. Interact with investors in your area and try to get names of reliable contractors who are experienced and also good at their job. You will surprise yourself by getting down to some really good contractors using this method.
However, it is a sad reality that referrals from real estate investors are hard to come by. This is because these investors want to keep contractors busy with their own work. How are you going to find good contractors in such a situation?
Go to stores in search of contractors
Well, the answer lies in the big box store in your area. This is the place where most contractors come frequently for their supplies. When you go to Lowe's or the IKEA store in your area, you will find trucks of contractors parked there to collect the material and carry to their sites. Give your visiting cards and ask for the business cards of their contractors to reach out to good quality contractors. Similarly, you will come across plumbers and electricians in many stores. Ask for their contact info to add to your contact list.
Look around in your own neighborhood
Another good source of contractors is your own neighborhood. Some construction or renovation project is always going on in your neighborhood in one or the other home. You can walk in and introduce yourself to the owner and ask for his permission to talk to the contractor working on the premise.
Try these things and you will easily collect large number of business cards of good quality contractors in your area. You will soon be contacted by many contractors. Keep an outline of work ready when talking to these individuals. You will be able to assess their suitability based upon their quotes and experience. Of course, these steps require some time and effort on your part, but you will save yourself lots of money and also get the much needed peace of mind. The success of your business as an investor or a landlord is hugely dependent upon your ability to carry out rehab projects. Your success becomes guaranteed when you can find reliable and honest contractors.
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