Best Way To Find Crew
I have never purchased a property needing fix/up or rehab. What would be the best way to find rehab/Fix up crew to do the work. I assume I'm not just going to buy it retail if possible, so how do I best find a contractor who deals with REI ?
Tom
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You can assemble a solid crew by looking in your local newspaper. You must be careful, though, because good contractors are hard to come by. My own experience was trial and error and I finally found a contractor that I can trust; even when I am not in town! My advice to you would be to socialize. Talk to people that you kow. Maybe you know some other investors that specialize in rehabs. That is how I found my guys. I now have a solid crew that (really) only works for me, although they aren't employees of mine. Hope this helps.
good advise, Wile weeding out the bad contractors never pay out much more than you have gotten. The more understanding you have about rehab the better for you. Get quotes, with quotes come education and prices that can varry greatly. Make sure for your own protection eveyone is reg. and insured both are cheap, if you like someone that cannot provide documentation tell them how to get it. They need it anyway.
I am a remodel contractor and rehab as well.
There are a couple of possibilities for you.
One you might find a good contractor that if your numbers look good might go in with you on this deal using his crew and fronting the materials costs as his share of the deal.
Second, network, find a good contractor and ask him for the names of his friends or who he would recommend. We are very careful on who we will recommend for a job. Good contractors know other good contractors.
The newspaper isn't where I would start, we don't advertise and haven't had to for years. The really good contractors will stay busy from referrals and word of mouth especially in the remodel arena.
Out of the 200billion+ each year spent on construction only 20% is new construction but 80% of the contractors are chasing the 20%. That leaves a few hardy sould to tackle the tough stuff! Find someone who is remodelling their home and ask who is doing the work and if they are satisfied. Then contact them and ask for references.
If you are at all handy try the "IRES" program that has been advertised on this website and that will help you learn how to bid/figure a rehab. Then take that and compare with bids given by contractors and you will have really learned something.
I also highly suggest the book "Buy it , Fix it, Sell it & Profit" by Kevin C. Meyers.
Good Luck!
Hi Roztom,
Other than the great advice the others have given you........get to know the building inspectors personally. They know which contractors are good and which ones a joke.
I would also suggest that you find out who the local suppliers are........and Im not talking about Home Depot and Lowes or your small hardware stores.
There are lumber suppliers as well as other suppliers for other trades. These suppliers usually will cater to the smaller contractor.
Hope this helps.
PS. As stated previously...make sure they have the required insurance......and by the way its not cheap to carry all the necessary insurances.....workers comp., general liability, etc.............(I pay 25 cents on every dollar of labor).....so if your looking for the cheapest prices....you may miss out the good contractors.
This is why some of us contractors dont mess with that many REI's.......so many want something for nothing.......even though there is plenty of the pie to go around.....
Good Luck.
Thanks Gang:
That is great advice.
Tom B.
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