Dealing With Contractors for Real Estate Investors

by Brian Lee on August 11, 2010 .

Contractors

Today I want to talk about dealing with contractors. I actually had somebody go into my office today and complain that since I’ve been doing this for seven years I get better deals from contractors. I get a better deal because I deal with them in a different way.

Most people are afraid- they get emotional and they kind of get bullied by contractors. They may commit money up front, but then their time lines make it out of whack. You have to remember that this is a business relationship, so every time you’re dealing with a contractor leave it that way.

Screen shot 2010-07-27 at 7.29.41 AMWhen I meet with them I have a budget, and we both sit down and work out a time line that fits our numbers. But you can’t allow yourself to get emotional and change things. You have to establish everything up front as far as what you want to achieve when dealing with contractors. Then you have to hold them to that and if they can’t meet or exceed it then it may be time to get a new contractor.

You need to find someone who can work on a daily basis with you, who you trust, and is someone who can achieve what you want to achieve.

{ 4 comments… read them below or add one }

1 William the Conqueror August 11, 2010 at 2:07 pm

Looking good!

2 William the Conqueror August 11, 2010 at 2:09 pm

I think you’ve got exactly right. Be specific and lay it out!

3 Ramona Banfield August 12, 2010 at 3:47 pm

Good advice. Thanks!

4 Shauwn August 14, 2010 at 8:51 am

Thanks guys!
I love working with contractors. They are the people who make what I do possible.

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