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10 Costly Mistakes to Avoid as a New Real Estate Investor Evaluating Submitted Contractor Bids You will quickly learn that evaluating potential bids is as important as receiving them. In a perfect world, the contractors you pre-screened would provide you with a perfect bid. However, we know that is not the case. 46 10 Costly Mistakes to Avoid as a New Real Estate Investor
10 Costly Mistakes to Avoid as a New Real Estate Investor You’ll receive bids that are not even worth your time, but it is up to you to determine. Therefore, when it comes to evaluating the bids you receive, it is helpful to have a system in place. That way, you will know what you are looking for and how to spot it. Make a list of everything that is absolutely essential for a bid to receive consideration. This may include anything from the amount of money they will work for to the referrals they have. Whatever it is that you require, put it on the list. This will help eliminate bids that do not meet your criteria. At the very least, you want to make sure the individual contractors followed your bidding instructions, matched your estimates reasonably well, understood the itemization form, disclosed up to date license and insurance information, and provided professional references. Use this information to narrow the bids down to two. If there is a clear-cut winner and you are comfortable with your choice, feel free to enlist the services of the winner. However, sometimes there is no clear winner. When you are unable to differentiate between two qualified contractors, use the referrals as a tiebreaker. Once you have verified the references, make your decision and notify all bidders of their status. Once you have decided on a contractor for your rehab, the next step is to meet them at the job site for a final walkthrough. This will be your first formal walkthrough with the contractor that will actually be working on your project. Subsequently, review the six critical documents that you will have them fill out. Enlisting the help of a qualified contractor is not an easy task, but having a system to do so alleviates a lot of headaches. Furthermore, if done correctly, you can establish a lasting partnership that will benefit everyone involved for years to come. 47 10 Costly Mistakes to Avoid as a New Real Estate Investor
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