Hiring Contractors For First Flip - Advice?

Question

Hello everyone!  My business partner and I are looking to execute on our first flip in the April/May timeframe and we're looking for quality advice on screening contractors and getting quotes.  I'm a big fan of getting lots of offers and picking the best one but I'd like to hear what you all do to protect your hides in these transactions and maintain maximum profit.  Thank you!

Chris R. · Answer

Great advice everyone...I'm going to HD before work tomorrow to take down a few names!  I'm reading, "The Flipping Blueprint" by Luke Webber...it's a short read but jam packed with common sense info.  I'll check out J Scott's book as well.  Can't have enough advice to draw from!

-CR

Nick Monge · Answer

@Chris Rowe - Hey Chris, I'm from Southern Maine (Brunswick). First flip is exciting! I'm going to start getting into flipping also. I've read a lot about screening contractors. What Deborah mentions above is excellent information. Definitely be specific when speaking with your contractors.

One thing I remember reading in the past is go down and hang out at home depot @ 6:30-7am and take note of all the contractors (written on their vehicles), I did this like a week ago and in the 30 second walk to the door from my car, I took note of eight different companies! Once I have a list, I google them and read any reviews on them. Once you have a solid 3-4 companies in mind, I'd call them up and ask for a free estimate. Schedule them all for around the same time. And make your choice.

Hope this helps.

Nick

Deborah Burian · Answer

Make sure your scope of work is sufficiently detailed, for example, if paying for exterior trim or siding, the quote needs to specify caulking and painting.  Call the references, insist on looking at some completed work. Touch base with your local investor community, I bet New Hampshire has some meet-ups, you can check the event schedule here at Bigger Pockets. Read The Book on Flipping Rental Properties by @jscott . For some reason @ JScott's name won't link but I promise you he's here.