5 Tips to Hire the Best Contractor

Unless you have the necessary time to perform the repairs to your newly funded real estate investment, you’re going to need to find a contractor to do the work for you. But how do you know who you can trust to provide high-quality work while also keeping your expense as low as possible? Experienced house flippers probably already have a relationship with a preferred contractor, but those just getting into the industry are going to need some guidance.

5 Tips to Remember When Hiring a Contractor

  1. Get referrals. You’re essentially performing the hiring process when choosing your contractor. Just like it is necessary to list your references when applying for a new job, you need to get referrals regarding your potential hire. Having trust that repairs are being done correctly is imperative when flipping houses.
  2. Compare your options. Not every contractor is going to charge the same amount for their services, and they are all going to have a varying degree of skill sets. Be sure to choose the best fit for your situation and make sure things will get done correctly when your contractor starts the rehabilitation process.
  3. Be patient. Yes, the house flipping industry is very time sensitive, and all investors want to start the process of rehabilitation as soon as possible. However, you should never make a decision too quickly, as that tends to lead to mistakes; choosing the wrong contractor can ruin your rehab timeline as well as cost you a lot of extra money.
  4. Don’t go cheap. If there is one bid from a potential contractor that is a lot lower than the rest, go ahead and throw it out because there is a reason that they aren’t charging as much as the rest. He/she might be cutting corners and that can really come back to bite you in the end.
  5. Pick a best fit. You really want to get to know the person that you are hiring, both on a personal and a professional level. Are they licensed and insured? Also, you’re going to have to spend a lot of time with your new contractor and getting along with him/her is very important. Communication is vital throughout the rehabilitation process so make sure you pick someone who you can genuinely get along with.
These are just some general tips to keep in mind while you are searching for a contractor for you next project. Also, don’t be afraid to ask some of your business partners for advice and/or a recommended contractor list. Here at Catalyst Funding we strive to help you in any way possible during your real estate investing journey. Call us today at 832.648.3626!