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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