I have been using the same contractor for the past 6 months. He does really good and has good prices on his work but is late getting in the Bids, paperwork and completing the jobs late. This has cost me money with the lender and getting the houses leased. Over the Christmas Holidays it took 2 weeks to get a stove and lost a prospective Tenant in the process. I just now got a contract signed and the new tenant is moving in on the 1st of March! I had to pay an additional $500 for Vacancy insurance plus lost $5,000 in revenue, because an oven did not get delivered on time. Last week it took 3 days to get lean wavers and the title company refused to close on 3 properties since the paperwork was turned in Friday morning the day of closing. We have had several discussions with the contractor and nothing has improved.
I was told just to hire tradesmen to do the work I needed. I hired an Electrician that way and he pretty much took my money and almost burned my rental down by shorting out the wiring (Can't get my current contractor to submit paperwork so I can report the electrician!) Not sure what to do at this point. I tried going through Angie's list and Home Advisors and all the contractors there are way overpriced. Not sure what to do at this point.
Hi Kent, sorry to hear about your contractor woes. Finding good contractors always seems to be the problem, wherever you go. Was the electrician licensed and did he pull a permit? If so to either or both, you should have recourse with him, particularly if the sum was significant. For something like, this including your area in your post i.e. Katy, Texas may kick off a couple keyword alerts for folks in your area who may be able to help out with a referral or two. We had a horrendous contractor experience on a rehab we did, but the lessons from it are the cornerstone for our current business. Here are some of our lessons learned in regards to contractors, perhaps some of them will help with your situation. Good luck, and keep moving forward!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing