Managing General Contractors
Hello
I have found that many individuals have had issues with General Contractors whether it is a simple reno for retail buyer, to a full on project for an investor. I have heard several horror stories and wonder if there is any certain strategies that any of you all have installed that have been beneficial in making your deals come to fruition.
Anything from the way you setup your payment structure, to the way you communicate with contractors. Such as the use of systems like CoConstruct and so forth. I have heard of some investors putting up cameras to see if contractors are stealing materials from the site and so forth.
In addition, i have heard of holding the majority of the payment to the backend of the project to incentivize the contractor in sticking through to the entirety of the project, or simply splitting profits.