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10 Costly Mistakes to Avoid as a New Real Estate Investor In initiating your search, you will want to focus on a quality contractor. Essentially, a quality contractor is a person who's professional, competent, licensed, and insured. They'll have also demonstrated that they have the skills and inclination to work within a given system to do the best and most efficient job possible. Again, a quality contractor in a good system can result in a profitable transaction. The second you stray from this criterion, you’re subjecting yourself to the possibility of lost profits and a slew of headaches. Pre-Screening and Meeting with Potential Contractors In the event you find yourself enamored with a contractor, it's time to conduct a pre-screening interview. As its name suggests, the pre-screening interview will merely confirm whether or not the contractor is the right fit for your subject property. It will also serve to support or deny your initial impression of the contractor. It's during this interview that you want to build a confidence that the contractor will respect you and the job. 42 10 Costly Mistakes to Avoid as a New Real Estate Investor
10 Costly Mistakes to Avoid as a New Real Estate Investor However, it's important to understand that this process is a two-way street. The contractor will simultaneously be interviewing you as well. You'll need to gain his trust and sell him/her on the fact that he/she will want to work for you. Emphasize the importance of a good working rapport and the benefits of a long-term partnership with a real estate investor. During your pre-screening interview, there are certain questions that need to be accounted for. In fact, most contractors will not only be willing to answer questions, but also be expecting them. Knowing the answers to the following questions will make your decision much easier: *How many years of experience do they have? *Do they own the proper tools and equipment? *Are they licensed and permitted? *How many workers are on their team and how many jobs do they currently have under contract? *Do they enlist the help of subcontractors? *Have they ever declared bankruptcy? *Are they willing to provide referrals from previous clients and jobs? *Do they have liability insurance and provide workers compensation insurance? The answers to these questions will determine whether or not the contractor is suited to work on your rehab. However, how will you know how to differentiate between a good contractor and a bad contractor based solely on these questions? The answer is simple. 43 10 Costly Mistakes to Avoid as a New Real Estate Investor
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