Updated over 7 years ago on . Most recent reply
Rookie RE Investor - Contractors
Hey I am a new RE investor. I am in the process of getting my first rental property under my belt and was wondering how did many of you go about dealing with contractors in the beginning? I am located in Springfield, MO.
Let's say for example, the property needs new floors or new cabinets.
Did you try and save money and do a DIY project at the local Home Depot and put in the sweat equity? Did you call around for local contractors and have them come see the property and compare multiple estimates? Should you have a contractor with you during a walk-through inspection? Are there certain websites that you trust more than others for finding contractors? How do you negotiate terms with these contractors?
I feel comfortable with the financing and landlord aspect of the property, just wondering how to go about the actual rehab process. Let me know!
- Steven May
Most Popular Reply
Well like many I would tell you that hiring contractors is one of the most challenging aspects of rentals. If you're just starting you can't hire a full-time person, so you'll have to find someone that you can use. Remember you can have 2 of 3 when hiring contractors...quailty, speed, low price. You can't have all 3 though. A good contractor will not be cheap, but a bad one can be very expensive.
You can use Angie's list and sites like that. You can ask around, but that often is tough because no one wants to lose their favorite. If you want to discuss further PM me, but naming names on BP isn't the best, and I don't want to be promoting anyone and get the moderator after me.