Tips For Finding the Right Contractor For Your Fix and Flip - Private Lending Blog

Tips For Finding the Right Contractor For Your Fix and Flip

| Posted in General Lending

If you are planning on investing in a fix and flip property—this can be a great way for you to make a substantial amount of money. Fix and flip real estate investments have a lot of potential to make you a lot of money. However, it all depends on how the process goes, how low you can keep your costs and of course, who you choose as your contractor.

The right contractor can make sure that your project goes as planned, that you stay on budget and that you end up with a quality finished product that will get you the most money possible when you go to sell that property. The wrong contractor, on the other hand, can end up costing you a lot of money and end up causing issues in your fix and flip that can prevent you from getting the most money possible on your investment.

Here are some tips on making sure that you find the right contractor for your property:

  • Make sure you have a contractor that can work in your time frame. Most common financing options for fix and flips, such as hard money loans, are on a deadline—and it is important that you are working with someone that understands, respects and will work with you to meet your deadline. With fix and flips—time is money.
  • Make sure to find a contractor who works on fix and flips specifically. Working on a fix and flip is very different than working with an individual who is renovating their personal home. You want to work with a contractor who specifically is well-versed in fix and flips and who knows how to work within a tight budget, a tight deadline and how to create properties that are universally appealing to buyers.
  • Always use contractors that have references. You want to make sure that you can call a contractor’s references or see verified reviews from people who have worked with the contractor in the past to get a better idea of what working with this individual will be like.
  • See their work in person. Any contractor that is willing to work for your business should be willing to show you examples of their work.
  • Get everything in writing. Once you have everything written out compare bids line by line to make sure that you are making the best choice for your fix and flip.
  • Know how they communicate. You want to find a contractor that is easy to communicate with—and one that will communicate with you in a way that you prefer—whether that is text, email or phone call. After all, communication is key with any contractor—investor relationship.

Keep these tips in mind if you are looking to hire a contractor for your upcoming fix and flip. Remember, while staying on budget is important, there is more to finding the right contractor than just finding the cheapest one out there. If you keep these tips in mind you can end up with a contractor that will help you make the most of your upcoming fix and flip.

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