Working full time + Rehab??

3 Replies

I am interested in purchasing a single family unit but have concerns about dealing with a contractor to perform the work when i work full time. Any advice for finding a reliable/trustworthy contractor? The home needs Painting, Windows, Carpet, and a new Kitchen. The property is a 3/2 and ~1500sq ft. My end goal is to keep the property as a rental. This is my first project so i am a bit nervous dealing with a contractor and not being able to stay on top of him/her to make sure i dont have my money stolen and the job is getting done.

Jef, 

There will always be the risk of a contractor not preforming, even if they are good they can get so busy that there schedules become challenged.

When you do your job walk have all the contractors there, this will save you time and let them know you are serious about your numbers. Have a job summary written for each sub with a scope of work, this way there is no questions on what they are bidding.

Each sub should provide you with a referral list and I suggest you call them all, get a good feel for the work they have preformed, was the schedule met, how did they communicate, was the budget kept.

You can also call the contractors board to make sure there are no complaints, see if they are up on insurance and bonds.

Provide the subs with a schedule and make it part of your contract, by signing your contract they are then bound to this schedule.

You will typically have some money at risk with your subs, a percentage will be given to start and depending on the length of the job possibly a draw part way through, never pay in full until you have approved there work and are satisfied.

This is great information and a great guideline to go by. Thanks for the advice.

I rehabbed a house while working full time and a single mom of a 3 year old (at the time). I didn’t have partners so it was all me. It didn’t help that it was at least 30 mins away from my house and I had to fight rush hour traffic- if I had to show it or address something. I now only purchase properties in close proximity to where I live.

Anyway- I had contractors do their work and I always stopped by to make sure it was getting done. Keep tabs on it the best you can unless you plan to hire a manager. I’m sure you want to rent it out as soon as you can so you’ll want to keep on top of everything while it’s being worked on.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here