8 – Managing Your Contractors

In my first “Quick Point” episode, I address the topic of managing your contractor; it is a big problem for some rehabbers. I give you tips and techniques that I have been using for years! Here is the outline of the topics I discuss:

Managing your contractor

  1. Never use friends or family.
  1. Get an itemized quote.
  1. Agree on the numbers and get them in writing.
  1. Agree on a timeline and a finished date. Then, add on 10% to 15% more time.
  1. Establish how “overages” will be handled.
  1. Do not give your contractor all money up front.
  1. Put all agreements (quote, timeline, etc) in writing.
  1. Be on-site regularly.
  1. Be firm but fair.

About the author, Mike

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