All Forum Posts by: Kathryn Stevens

@Wendy Home GC stands for General Contractor.

@Kyle Jiron You raise many valid points especially about creating a thorough scope of work, concrete timeline and contract value. On one project, I had a GC balk at a very detailed, 8-page SOW for a very large project and told me he was "overwhelmed" by its appearance and the 5-page independent contractor contract that accompanied it. He was used to a 1 1/2 page contract that covered "everything" (but really didn't). I decided not to work with that GC since he couldn't read through the entire document. I want to work with partners who understand the value of a contract projects everyone involved and serves as the safety net when our memories fail us.

@James Miller Thank you for your response. I agree with your approach and have selected a project manager in lieu of a GC for this project. By eliminating the cost-plus expense, I can better control expenses and keep our interests aligned.

@Account Closed So true. I bet your deck replacement is a 2-3 day job, right?

Investing in Austin is a buy, hold and pray for appreciation play. No cash flow. No wonder you are investing out of state. It's hard to believe the real estate prices continue to go up and up. At some point, there has to be a correction, though none of the typical indicators (i.e. population growth, job growth) are pointing that way currently.

@Account Closed. 

Way too much money in this town! Come on down to Austin, Matthew Paul.

@Matthew Paul What are your thoughts on a large cost plus 20% job and a request for a end of job bonus because the GC has lower-priced subs so your overall budget is lower than other estimates? 

I know flippers sometimes write penalty phrases into contracts ("must complete by XXX or pay $/week/month"). Do you ever pay your GCs extra when they get it done on time or early? Or, are they being paid to do that already? Have you every paid a GC an incentive for a house selling at a certain price point?

So fun last year! Looking forward to winning big at the auction again.

House has electricity turned on. Need water turned on. Who should I call? It's been off for a LONG time. Thanks!

@Jim Cummings

Good suggestion! I can do that research before being onsite and to determine if I want to make an offer. Thank you.