Hey Guys

I'm looking to pull the trigger on my first BRRR this month.

I have a great agent, and will be filtering through deals.

My # 1 concern is the contractor as this will obviously be a bit make or break for the deal.

I'm curious what kind of process you guys use to pick your General Contractors?

Thanks

Cameron

Or possibly red flags to look for in the intro process?

Have you considered getting recommendations from your agent?

Considering you’re going to be renting it out have you considered using a property manager who also does rehabs?

Perhaps you could select multiple candidates and interview them, then ask for and call their references to help you feel more confident about your decision.

Find the top property management company and ask for a referral

Love the idea of finding the top property management company and getting referrals! Thank you. Guess question is how would you identify who the top is? 
I'm actually planning on having my agent manage the properties, as she manages around 200 right now for her investors.

You should ask for refferals from everyone- realtors, PM, colleague, etc.

I would also recommend reading David Greene's book "long distance REI", it has great chapter exactly bout that.

Good luck!

Originally posted by @Cameron Gallagher :

Hey Guys

I'm looking to pull the trigger on my first BRRR this month.

I have a great agent, and will be filtering through deals.

My # 1 concern is the contractor as this will obviously be a bit make or break for the deal.

I'm curious what kind of process you guys use to pick your General Contractors?

Thanks

Cameron

 If you are foreighner and trying to Brrrr you will have a problen to refinance because they let foreigner only 65%ltv and it's not enough to cash out the money invested. 

@Cameron Gallagher dont pick your contractor based on price. If you get 7 quotes and choose the cheapest they likely are charging enough to do the job properly.

Thanks guys. Yeah working out the LTV is going to be critical. I think 65% sounds about right.

I'll be looking at a total 'all in' cost about $80k to attempt a $120k valuation.
I think getting the appraisal at that rate will be tricky. But it's obviously going to be critical to be able to pull this off as I don't want to lose $10-$20k of cash every time.

Originally posted by @Marty Neville :

Have you considered getting recommendations from your agent?

Considering you’re going to be renting it out have you considered using a property manager who also does rehabs?

Perhaps you could select multiple candidates and interview them, then ask for and call their references to help you feel more confident about your decision.

I'm currently getting recommendations from property managers. I have a few now. 

What I need to do now is determine the demographics of the city make sense in the long term strategy and that I also have some lending options set up which will work.
Thanks for replying