Hi everyone! I currently rent in Owasso, but plan to buy an small multifamily house (dublex or triplex) and move in into one of the units, while renting out the others. It sounds like a good starting strategy for new investors. In the meantime, I would like know where to look for decent contractors to perform some light repair and renovation work? Any thoughts? Thank you in advance
@Piri Mustafayev the best contractors I have found were all referrals. I would highly recommend that you start attending you local REIA meetings. When I purchased my first four unit property in Lyons, IL, I did a lot of the work myself. Once I purchased a larger building, I was forced to start hiring more contractors, and that is when I really started finding great contractors to work with. For me, contractors have normally been found/referred once I need them (not the other way around).
@Piri Mustafayev J Scott has a good tip in his book on flipping houses- get to Home Depot at 6am and network. If they’re at Home Depot as 6am then most likely it’s the professionals who are out there hustling, not the ones who sleep in after a long night.
Ask other investors for referrals. Get quotes from all of them. The quote is to get a number obviously but also kind of an interview for you to judge their integrity and character.
I like to find guys who are kind of on my level - have some experience but working on scaling up. That way as I grow my business they kind of grow with me.
Thank you all for tips!
@Piri Mustafayev , in regards to location of the contractors were you looking for ones in Tulsa or in Owasso? Location would help me make the best suggestion for you.
Originally posted by @Ken Nyczaj :
Piri Mustafayev J Scott has a good tip in his book on flipping houses- get to Home Depot at 6am and network. If they’re at Home Depot as 6am then most likely it’s the professionals who are out there hustling, not the ones who sleep in after a long night.
This gets mentioned often... and while it isn't wrong per-say it's not entirely correct. Plenty of good contractors aren't going to HD to get their stuff, they'll get it delivered to the job site. Another version of this is to go to lumber yard and talk to some of the account reps and see who's in good standing and go from there.
Ideally though, hard to beat referrals from people with the same or similar standards as you... this way you increase the chances of success vs starting form scratch.
Word of caution, trust is earned (by both parties) so start slowly. Do not have the contractor do the entire house if you've never used them, start with something simple like a bathroom. Work you way up to more complex and bigger jobs, you prove you pay on time and they prove they come to work.
Money is the only motivator, remove it and you're likely to get people that stop caring. Set up a draw, define your milestones, and pay on time. DO NOT PAY UPFRONT FOR LABOR.
Good afternoon Im starting to learn myself so I don't want to sound like I got all just reaching out and learning.
I live in the city New York. One place that I know to look is Home Depot in your area you will always find contractors and supervisor
mangers there shopping for there clients.
I have a list from one of our local investor meet ups that has been build and referred by people in the group. I can send it to you. It is my go to for all my contracting needs