hey guys so it comes down to my biggest vulnerability is fixing repairing properties that people kinda passing on and I see these great potential but afraid to buy cause how am I gonna get there without me having no experience working with contractors or repairing maintaining properties at all. Also, this is something I can't devote majority of my time to at this moment with crazy scheduled a full time job. Obviously, I could pick up the phone and call whole bunch of contractors to get someone even get to work over months long period of time while educating myself, but wonder is there any widely used tool/platform out there where contractors bid where trusted reviews are trustworthy and contractors value their reputation and reliable.
I am also the kind of person snuggle with believing people first time (esp these kind of work and labor construction market never death or worked with) and other parties usually tend to rip me off. So, really not interested going that route, would be happy to get things done faster and reliably even paying some extra..any suggestion how you guys did when starting off?
Hello Imran! This is a problem most investors, including myself, have when starting out. Especially if you don't have any contractor experience prior. Your best bet is going to be either parter with someone who has the experience or hire a reliable project manager. Yes, both of these are going to cost you money but they will save you ton of time and headache.
Trust me when I say it is NOT as simple has just picking up the phone and calling the contractor. Many of them need constant baby sitting and management. Project management is not for the faint of heart.
If you want to try to do it yourself the best thing you can do to protect yourself from price gouging is to get multiple quotes. Take the one in the middle. You don't want to pay too much and you def don't want to pay the cheap guy without experience or insurance.
I hope some of that helps. Good luck!
thanks for the valuable input. I am not sure if hiring a project manager would make anything easier unless it is 100s of units . I am talking about 4-10 units one building some normal repair work water damage, floor, roof, upgrade kitchen, gutters bringing up the property to something eye pleasing and well livable. I am leaning more some kinda platform, have you used tumbback, angieslist or similar platforms?
Think about hiring a property manager to walk the property with you and give you suggestions about what must be done now, what should be done soon, and what can wait. Pay them a fee (negotiable) to oversee the rehab, and sign a contract with them to manage the units when up and running.
@Marc Winter thanks.. makes sense. All the great deals I find where numbers work is kinda in distant areas as well where price is low and not many PM companies out their either ..thats another challenge on its own (at least from google search) other than word of mouth may be and found that many local owners manage all by themselves. Before I thought finding PM would never be an issue and folks would be excited to get a new client but forgot that in a low income C neighborhood far from the city PMs aren't that popular and people aren't that motivated either to get ahead or something. So far found only a guy he knows it too I dont have any other options have to count on luck either they could make me win or let it all go to hell I can do nothing about it
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