We have shot 3 videos aimed at giving value primarily to entrepreneurs at the beginning of their careers or added knowledge to investors.

Original publication date on the United States Real Estate Forum on Facebook:
2018-12-31T13:13:05+0000

We shot 3 videos aimed at giving
Mainly for early entrepreneurs or for investors.

This is part 1 from 3 and we start at: working with contractors.

During our business activities, we get to know quite a bit
Entrepreneurs who want to go independent in the field of
US real estate investment.
We saw how difficult they encountered and wanted to give 3 emphases,
That can help you build your business correctly.

Here are some important points we're talking about in this video:
1. Good contractors and a good management company - are the mainstay
In any real estate business in the United States. They can be a strength,
But if you do not deal with them correctly this can be the biggest weakness.

2. Always be on the pulse - Contractors are scattered.
If you do not know how to target them with a neat schedule, you will be rewarded for the introduction
Or a fine for being late - the pace will not be to your liking.

3. It is forbidden to play with the issue of money transfers to contractors -
U.S. contractors typically pay workers weekly,
If you promised to transfer money in a few beats
And you delay with the transfer, it can prevent the contractor from finishing
His work.

4. Build a long-term relationship - if you switch companies
Every Monday and Thursday, you will soon discover that this business is not for you.
You will find the King Way in working with a contractor and this will serve you
Very much over a long period of time. (This could be a priority
Of your projects on other projects, a better pace of work,
Better prices and more ..)
** It is important to note that this contractor should be chosen after receiving recommendations.

5. How do you look at a contractor?
First of all, go for those you have recommendations on. With those contractors
Do some research on their previous projects, those that succeeded
More and less successful. Ask to hear about projects that do not
They succeeded and why.

6. A contractor ran away or stole money? Do not rush into a lawsuit -
** First of all, always be a reserve contractor in case and something does not work out
With the contractor who is the first priority.
If you work with investors, you are first and foremost committed to the contract
Yours with them. If the current contractor is gone, operate the reserve contractor.
After the transaction is completed, if you wish - approach legal solutions
In front of the first contractor. (Usually a very complex process, especially if
You do not have people you trust and can help you in this struggle)

7. Close in the contract liability for deviations -
You took a deal of $ 100,000 when the expected renovation is $ 50,000
And to your surprise suddenly the renovation exceeds the budget and reaches 80,000 $.
Who is responsible?
It is important to clearly state in the contract what an exception you are taking
Responsibility and what is an exception that the contractor should take responsibility for.

8. Use of the right materials for renovation, depending on the type of transaction -
In the Rantal deal, you will want to use slightly cheaper materials
To prepare the property for immediate living.
In the Flip deal, you will want to use more expensive materials to transform
The property is more like a potential buyer in the market.
** Tip: Want to earn more than the deal? Take out the tenant who lives
In the property (if the transaction was rantal before), you will renovate properly
And will sell only to an end customer, not to the investor.

9. Close the contract for responsibility for the renovation -
The contract must be closed with the contractor's responsibility for the renovation
And be prepared - he may have problems with you.
If there is a problem with the renovation it will not always take responsibility and again ..
You do not always want to go to court with him. You'll find ways
Immediately resolve the situation.

10. Bring a paid inspector on your behalf -
A very important tip… Hire a construction inspector on your behalf and for a fee, one
Who will see the work of the contractor and will inform you about how everything is
Advanced, to avoid problems at the end of the process.
Do not try to find comets on this subject.

Always remember .. especially in your new way .. Problems will be!
It's not a question of whether or not the question is how you will handle it
In order to get the maximum out of the situation.
Put priority on the right things.

Thank you for reading and listening,
Albert and Jonathan choose real estate

Link to the original post in the United States Real Estate Forum on Facebook - working on a desktop computer

The responses to the post can be read at the bottom of the page and join the discussion