Kitchens and bathrooms are two of the first areas noticed by a prospective buyer. Using as many budget kitchen remodel ideas as possible ensures a good ROI (Return on Investment). Many fix and flip contractors will have inexpensive kitchen remodel ideas, but it never hurts to have a few extra suggestions on hand.
Real estate investors who don't proactively build relationships with building contractors can wind up out on a limb when a problem rears its ugly head. We can quickly find ourselves at the mercy of unscrupulous or agenda-driven plumbers, electrical contractors, roofing contractors, or other repair and construction pros. Cultivating these relationships early in a fix-and-flip or rental income business gives us valuable access to a contractor's experience when we need it most. A list of good building contractors provides added safety, and ultimately saves us time and money. Good contractors also come with insurance and provide warranties on work. The key takeaway here is: source them now before you need them to bail you out.
Timely, quality renovations are the key to any successful house flipping endeavor. Once you’ve hired a reliable contractor and/or subcontractors, it’s advisable to proactively manage them during the rehab phase. That way, the project is less likely to get off track and exceed the allocated time and budget. Keep the following tips in mind:
As a real estate investor, a large part of your success depends on your contractor and subcontractors. Unfortunately, it’s not uncommon for investors to run into problems with contractors. Here are some of the most common issues—and some useful suggestions for solving them.
Time is money. Finding a quality contractor as quickly as possible can increase profits and help avoid wastes. Asking the right questions can make all the difference between profit and failure. When interviewing a potential contractor, consider the following questions in your evaluation process:
A successful fix and flip project requires outstanding organization. As the real estate investor, it’s critical that you ensure the project is properly managed—especially when it comes to renovations. In order to do this, you need to coordinate with your contractor ahead of time. Keep the following steps in mind:
Investing in fix and flip or rental remodeling projects helps restore communities. To have a profitable fix and flip or rental refurbishment project, dealing with subcontractors, vendors, and laborers will be required. All areas of the project will have to be explored and documented with estimated costs. Being able to choose the contractor for the designated range of prices will be paramount. It isn’t as simple as finding the lowest bid. Finding the best quality at lowest cost is the goal.
We’ve all heard horror stories of contractors who caused serious damage, then left the property owner holding the bag. Just as great fences make great neighbors, great contracts for contractors make great business relationships.
How do you know if a contractor is reliable? Failing at this important step can mean the difference between getting work done on time and within budget and watching repair costs mount and completion dates stretch out incessantly.
You absolutely need the best contractor or your home remodel will quickly find itself underwater. Trouble is, finding a good contractor can be very difficult and requires time, patience, and experience to recognize when you have located someone reliable. Real estate investors have discovered the hard way the unreliability of contractors, so it is important to understand where to begin looking for someone to help you renovate your real estate investment properties. Below are ten tried and tested strategies for finding the best contractor near you.