need help in rehab - Posted by TOM IL


#1

Posted by Carmen on March 04, 1999 at 20:01:35:

Probably the best way to make sure someone is going to do the job right is to make sure they are doing it for themselves. What do I mean? How about taking on an equity partner who is a contractor? What I am working on (and I have several good possibilities) is on getting one or two contractors to pitch in their own time and money to help me rehab a property (I’ll get the hard-money financing for the property itself). I find, finance, then resell the house. Then, we split the profits. Talk to people; stop at homes that are being redone; write down the phone numbers off the dirty trucks you see driving down at 6:00 am every morning; talk to the maintenance people in the building you work for; talk to the management company at a nearby apartment complex and ask who their contractors are; talk to small business people and ask who did the buildout on their office. Then pick one or two or three people that you feel comfortable with and who seem to be excited about your idea.

If they don’t do the work right, they have as much to lose as you do - if not more. If you are not paying them - or paying them minimally - they will do it right.

Just a thought.


#2

need help in rehab - Posted by TOM IL

Posted by TOM IL on March 04, 1999 at 17:35:08:

Iam just trying to get my feet wet in flipping rehab
projects and I’m doing it part time,is it possible
to get sub-contractors to the work who can be trusted
because I can’t be there all the time.Can I get some
to do it at a set price.I would like to do these full
time but must be sure that I’m in the right direction
and that I don’t get burned.I would appreciated it
if someone from IL could help with these matter.
thanks
tom