Today we\u2019re talking about the top three people who might\u00a0rip you off the most when you invest in real estate.<\/p>\n
In my opinion, the biggest ripoff is contractors. I mean, these guys can be absolutely ridiculous sometimes, and I\u2019m sure that most you investors out there will agree with me. They will sometimes\u00a0lie, cheat, and\u00a0steal. I\u2019ve literally lost over $300,000 over the last five years to contractors. It is ridiculous. And a lot of you out there probably won\u2019t be willing to admit that you\u2019ve lost money to contractors. Well, whatever. I\u2019m here today telling you that I do 10 deals per month, and to this day I lose money to shady contractors. Now, how I\u2019ve minimized my losses is I\u2019ve hired project managers and I\u2019ve incentivized those project managers to make sure that they come in on budget. I ensure they\u00a0get the flip or the rehab done as quickly soon as possible. Then they make a certain percentage from every sale that we make. And as you can imagine, this pretty much keeps costs low, keeps timeframes short, and makes sure they are incentivized to\u00a0make money on every property we flip. So, that is how I go about minimizing my losses and dealing with contractors directly on a one-on-one basis where I\u2019ve got those project managers dealing with the contractors.
\n
\nRelated:<\/strong> 4 Massive Financial Scams Sold to Americans on an Everyday Basis<\/a><\/em><\/p>\n
\n