Реклама. ООО «ЛитРес», ИНН: 7719571260.
Advance Praise
Table of Contents
Chapter 1: The Pain of Hiring Unsuitable Contractors
Diagnosing Rehabbers’ Main Problem
What drives you crazy in this business?
What worries you the most and keeps you up at night?
What are you most frustrated by, John?
If you were to complain to a friend, what would you say?
What do you think the cost of not solving this problem is?
What do you Google when trying to solve this problem?
The Main Problem Defined
Chapter 2: My Journey with Contractors
My Trials and Tribulations with Contractors
Painful Lessons
Wow, Some Contractors Can Be Heartless
How I Did a Strategic Retreat
Using Consultants and Getting More Education
Have a Plan and Work that Plan
Chapter 3: From an Insecure to a Confident Investor
The Results You Will Get
Chapter 4: Master the Real Estate Landscape Around You
Visiting Open Houses
Interactions with Realtors
Latest Designs
Contractor or Designer Referrals
Google the Different Building Plans Available Out There
Come Up with a Sketch or Layout
Become Knowledgeable in the Property Prices Around You
How Brokers, or Other Professionals, May Calculate CMA
Physical Features
Location
Data
Applying Adjustments
Chapter 5: Know Your Project Intimately
Initial Walk-Through
Scope of Work
Review Your Planning Notes
Work on Your Budget
To Rent or To Sell
Know Market Rents and Comps
Determine If You Want to Do a High or Low-End Rehab
If in the Rehab Business, Make Sure You Have a Team
Know Appropriate Time to Buy, Rehab, or Sell
Chapter 6: Shortlisting Only the Relevant Contractors
Obtaining Contractor Names to Invite to Interview
Drive Around the Neighborhood
Local Real Estate Agencies and Those on the Web
The City
Building Supply Stores
Other Investors
Contractor Pre-Interview Questionnaire
When Hiring a Friend Became a Nightmare
Chapter 7: Getting the Interviewing Process Right
Time to Ask for Contractor Estimates
Chapter 8: Evaluate, Eliminate, Hire, and Even Fire
When Not to Hire a Contractor
When to Pull the Trigger and Let the Contractor Go
Chapter 9: Killer Contract: Lying Contractors Beware
Specifics to Include In a Contract
Description
Permits, Licenses, and Inspections
Timeline
Penalty
Payment
Insurance and Property Damage Liability
Warranties or Guarantees
Lien Waivers or Lien Releases
Independent Contractor Agreement
Scope of Work
Payment Structure
Certification and Insurance Forms
W-9 Tax Form
Final Lien Form and Waiver
How a Mechanic’s Lien Functions
What Constitutes a Valid Lien?
Workflow: Managing the Rehab Process
Demolition, Cleanup, and Trash Removal
Framing
Electricals, Plumbing, and the Heating/Air System (HVAC)
Insulation
Scraping, Trimming, and Painting
Exterior
Walk-Through Inspection and Final Payment
Handling a Rude and a Bully-Type Contractor
Other Lessons
Chapter 10: Contract Completion and Release
It’s Okay to Fire Your Contractor for Cause
Don’t Hire Someone You Cannot Fire
Structure Your Business Well to Eliminate Fear
Chapter 11: Obstacles, Obstacles, and More Obstacles
Investor Obstacles as Told by Contractors
Chapter 12: So, What Have You Learned?
John’s Growth
Conclusion
Acknowledgments
Thank You for Reading!
About the Author
“I find the book to be quite informative. The author is honest, admitting his mistakes, successes and the lessons he learned along the way. As an investor who rehabs and flips houses for a living, this book laid bare all the pitfalls I have gone through and continue experiencing. The steps the author has listed in the book in various stages of hiring and managing a contractor are clear, methodical and practical. I recommend this book to any struggling investor or a newbie. The book is basically a manual written in a serious but entertaining manner.”
—Chris Tuesday
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The speaker said the initial thought process in any new business should not be to become profitable from the get-go, but to put in place proper business and management procedures, and then money will come. He also said the weakness of many new rehabbers is to worry about making money straight from their first rehab. This focus on profitability takes away from building your business on sound structures and understanding. These sound structures and understanding become your solid foundational bedrock that contributes to your future peace of mind, longevity, and profitability.
Another desire for many in the room was to learn the importance of managing the investor—contractor relationship in a way that reduces the deep mistrust that sometimes occurs between the contracting parties. To this, the speaker presented case studies of some successful investors. From analyzing the paths of these successful investors, you will realize that many of them spent time upfront learning about the business. “Knowledge is power,” people say. The consensus is to spend time learning about the business you are in so you can hire the right contractors. That successful path may take engaging consultants to help navigate the rough waters until you know what you are doing.
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