EP 79: What If My Contractor Quits in the Middle of the Rehab?

In this episode, I discuss another fear that a lot of new real estate investors have: what if the contractor quits in the middle of the rehab? Or just stops showing up?

This has never happened to me, but I know it has happened to other investors. Here are a few things that you can do to minimize the effect if this does happen to you:

  1. Interview/quote more than one contractor at the start of the job.
  2. Never give the contractor a ton of money at the start of the job.
  3. Show up on the job site regularly, be friendly, and stay involved with the process.
  4. Never pay for work before it is completed.
  5. If you have to switch contractors, change all lockbox codes.
  6. Don’t panic.

No one can completely explain to me why contractors do some of the things they do. If you find a contractor that is professional, prompt, and conscientious, make sure that you treat them well and keep them happy. A good, reliable contractor can really help you make your business a success.

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About the author, Mike

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