1st property under contract - need help with rehab process

[Hari Narayanan]

Hello all,

I hope all of you are enjoying this holiday period and spending some quality time with family and friends.

After many-many months of research, I finally have a multi-family property under contract in East Bay (Northern California/Bay Area).

This property requires some significant amount of work - exterior as well as interior. I may even think about an ADU unit.

The success of this property depends *heavily* upon the successful and timely execution of the rehab/repositioning work.

I paid a contractor to come out to the property and give me a 'will not exceed' estimate for the work before I made the offer. Now that I have the property under contract, I would like to get a solid quote and sign a contract with a commercial contractor.

1. Where do I go look for a reliable commercial contractors? How have you gone about it?

2. What are the caveats I should watch out for while signing the contract with a commercial rehabber?

3. Do you include penalty clauses in your contract?

I would really appreciate any and all help - from answers to above questions, answers to questions I haven't even asked and ways to connect with reliable commercial contractors you have worked with in the past.

Cheers!