When you have invested into a real estate project with the goal of retaining a profit; selecting a quality contractor is imperative. Choosing the wrong contractor carries the risk of potentially ruining the flip by creating unwarranted delays and excessive expenditures. Hence, it is in your best interest to invest the necessary time and resources into finding a top-notch contractor for your project.
Seek a contractor that possesses the knowledge and experience necessary to complete any repairs, upgrades, and renovations. A quality contractor can also help resolve renovation or rehab-related problems while staying within budget and on schedule.
A contractor who doesn’t meet your basic expectations can cause you to lose two valuable factors: time and money. Furthermore, delay your schedule and drain your budget. In addition, the added carrying costs from holding onto a property longer than scheduled can cause financial stress.
Finding the Right Contractor
When it comes to locating a contractor who is trustworthy, dependable, and effective, here are some tips and guidance:
- Before turning to Google, turn to your friends and people you know to see if they can refer you to someone they worked with in the past and had a positive experience.
- Check references and make sure to ask whether the contractor showed up to the job as scheduled, whether they completed all tasks to their satisfaction, and whether the homeowner would hire the contractor again.
- Be specific and clear in discussing your needs and wants for the rehab project with your prospective general contractor.
- Ensure both you and the contractor are able to reach an amicable work agreement and sign a contract outlining the scope of the project, specific deliverables, and a timetable to completion. This contract should also include payment rates and plans for resolving any conflict to avoid confusion later.
As noted above, hiring a quality contractor is essential for your real estate projects to succeed.Do not make this decision lightly or cavalierly. As you are entrusting your investment property in the hands of another, which means their actions will impact your bottom line.
Have Questions? Contact a Leading Hard Money Lender in Los Angeles Today
If you are looking to secure non-traditional financing for your real estate project, contact the highly reputable and experienced hard money lenders in Los Angeles at PB Financial Group. PB Financial Group is a premier direct hard money, private money, and bridge lender, who has been providing quick funding since 2006 and have funded over 2700 hard money/private money loans.Our objective is to work to satisfy your financing needs on important real estate projects throughout California in an efficient and effective manner.
PB Financial NMLS #357614/DRE #01522495