This is my second post on the forum. Thank you all for the kind introductions earlier.
I am looking to do my first deal. I am looking to buy a home that is cheap and then rehab it to increase its value. I live in San Jose, so obviously the property prices and rehab costs are much higher than other parts of the country.
While bidding for a home, I need to take into account the rehab costs and my knowledge in that area is negligible. So, can you please recommend some contractors that are good, economical, and can be part of the team that I am building for all my future deals. I looking primarily in the bay area (so in and around San Jose area contractors are my focus).
By part of a team do you mean they are investing with you or just someone you can call upon? Many GCs are just super busy out here. Our GC has been doing my personal home and so far we have been happy, but timing has been slowed down since most of his subs are booked out. [not mentioning name since I don’t know if it’s against the rules].
Hopefully you can buy and hold.
@Rohit Aggarwal You dont have a relationship or a track record with any contractors . I have some bad news for you , you are going to pay retail for any contracting work . Same as any homeowner . Contractors are not waiting for the phone to ring , good contractors are swamped with work .
Buying a home just because its cheap isnt always a good idea , if you dont know repair costs or what to look for you can quickly be upside down on your deal .
All capable licensed contractors even from Central California are booked solid by housing construction booms here. Local builders are trying to put some in motels and they guarantee year around work. If you go to Home Depot you will notice there are not many legal workers, except old men. The undocumented workers can no longer sneak back to US. Many day labors are getting great pay watering taking care of plants used for medicine and recreational use.
People who had the same idea want to put homes back on the market now realize these beautifully restored homes do not sell after 3-4 weeks on the market. Rent out is also problematic.
What are the rules and regulations in order to start your own GC in Bay area?
Lots of info on the web, but do start here: