I have a meeting with an investor I met over the weekend who can offer general contractor services. Since he understands the business from the investors perspective I am hopeful he could be a good addition to my team.
What questions would you ask this contractor?
I would ask for a list of similar projects that he's done, when, and how they turned out budget and time wise. I would ask if he has photos of the jobs etc. I would also ask if he does all the work himself or if he uses subcontractors, who they are, does he always use the same ones or does he shop out the work for lowest bidders. The answers I would be looking for are jobs completed on schedule and within budget, and he has a team of subcontractors that he works with consistently. A team will be more efficient, will result in fewer surprises andtypically yield a better job. Also ask how many jobs he will be doing at the same time and where his primary attention will be during this project. For your part at the meeting, you should have a comprehensive scope of work (SOW), a timeline, and a rough line item budget to compare his bid to when you get it. Don't show this to him but use it as a reference during the conversation. Let him know that there will be a fairly detailed contract and ask if he has one that he generally uses that he can provide as an example of what you will be signing unless you provide one of your own. A list of at least three references for work he has previously done for clients and be sure to follow up and check them. Lastly, when will he have the quote ready for you, be ready to sign a contract, and be available to start the work.
There are many other questions that you may have but this will get you started.
Good luck !!
Hey Wayne. I totally forgot to thank you for this. I used quite a few of your questions. Thanks so much
This was really helpful to read Wayne! You mentioned having a SOW available around what work needs to be done and estimates. If I'm newer to real estate where would you suggest I do research to estimate costs, labor etc?