Well BiggerPockets, I finally found an amazing property to flip. I have a hard money lender set up. The house is higher end and needs a lot of work so I need a full time contractor/remodel company to assist me. I am highly skeptical of construction/remodeling companies as I've had many friends with terrible experiences. Can anyone refer a good company in Minnesota that can do a full remodel or offer any advice as to hiring contractors in Minnesota?
Your advice is so much appreciated!!
@Karli F. , In wish I could recommend someone specific. I can tell you that contractors in this market are very much in demand. I can also say from experience that you will get what you pay for. You should make certain that they are licensed and insured, and ask for references. It's also important to see other jobs they've done to see for yourself the quality of work that they do. Also keep tabs on them, dropping by the worksite frequently at a unannounced times. Don't pay them ahead of work they've done, and don't pay them in advance for materials until it's been delivered to your site. If they're so under capitalized that they don't have accounts set up w/suppliers, or they can't front material costs themselves, you don;t want them. I'm saying all this assuming you want to do a quality flip.
@Karli Flom, I'm not from the Minnesota area, but I've had recent success suing a service called "BuildZoom". They're a bit different from Angie's List, HomeAdvisor, or Thumbtack, because you're assigned a direct consigliere for your project in case a certain contractor doesn't live up to a certain standard, mainly consistent and reliable communication. For quite sometime, I've had minimal success using referred contractors.
Of course, like all contractors, you have to ensure you check them thoroughly - ensure they're licensed, insured, and ask for referrals. I hope this helps.
Great advice! Thanks!
@Karli F. - unfortunately I don't have any good contacts for you, but I was wondering if you're willing to spare some details on your project!? I'm just starting out in this market, and would be very interested in hearing any information about the deal you are willing to divulge, like how you got the lead, ARV, estimated repair costs, purchase price, etc. You said you have a hard money lender set up, are you using pine financial? They seem to be one of the more popular HML's in this area.
@Karli F. I am doing a prentation on exactly this at the event below. How to locate contractors, manage them, compare bids, handle change orders and put a contract in place.
Let me know how I can help.
@Karli F. I see that I'm a few days late to the discussion; however, I work full time as a general contractor in the Twin Cities area. I rehabbed houses full time from 2011 - 2014, flipping about 30 over the course of that time. If you're still looking for a contractor and gathering estimates for this project (definitely get 3-4 for comparison purposes), I would welcome the opportunity to view the project and provide you with my thoughts. Please send me a direct message if you're interested in connecting. Thanks in advance!
Thanks Keith! I would love to hear what you think of this project. Currently we are negotiating price so I will touch base with you when there is a positive outcome.
I know it's your first flip, but speed, quality, price are the keys in order of success imo. Good luck and let us know how it goes.
Feel free to touch base as I've met with/helped about a dozen people buy their first investment property in the past year. I do it gratis as a way to pay back for the people that have helped me over time so I'm not selling any service-LOL. I usually get together for coffee and share for about an hour with room for lots of questions and answers so you have some real life examples of how to go about it I'm primarily a "buy and Hold" investor and General Contractor ( for my properties only) and have rehabbed 10 homes so I can give you some insight/things to make sure your have covered before you buy so you don't run into issues. The only red flag is, if you are buying a higher end fixer upper/flip and you are looking for a general contractor- how did you calculate your renovation budget as most newbie's don't have enough experience on what renovation costs are?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing