OfflineCreating offers on properties includes determining the cost to repair the property. Having a contractor / handyman will help you create your fix up costs quickly.
Obviously finding a competent contrator is important.
What I like to look for is a contractor that will give me a general cost expense over the phone. Most contractors feel that you will hold them to the quote over the phone and will not give you an answer. I reasure them that is not how I work then tell them what I use the numbers for - my offer.
Most contractors can do it all but are not the best at everthing. Finding a contrator that uses reliable sub-contrators that you can follow up on and get referall for can be an excellent benefit for you.
Offering the contrators a benifit for finishing your deals quickly works wonders in getting repairs done quickly and timely. Remember, the longer the property is off the market the more it costs you anyway.
I usually offer a 5%, give or take a little, of the total repair bid as an increase / bonus if the contractor finishes work before their "finish time". The time I request is usually about a week before the date they say they will be done. Each day closer to the "finish date" the less they get.
If the contrator takes too long and goes one week after the "finish date" they start owing me $100 a day until they finish.
Most contractors love this option because they can make more money on a project.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I've heard of charging them a fee each day they're late, but I never heard of offering them a bonus for being early.... That's a great strategy! Thanks again Nate.
Continued blessings,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."