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10 Costly Mistakes to Avoid as a New Real Estate Investor<br />
A good contractor will answer the previous questions with<br />
something resembling the following:<br />
Experience: You want to look for at least three to five years of experience.<br />
Equipment: The contractor you hire should al<strong>read</strong>y have their own<br />
equipment (don’t depend on rentals).<br />
Employees: A good contractor will have enough crew members to support<br />
each job they have lined up.<br />
License: Only hire a licensed contractor.<br />
Insurance: Liability insurance and worker’s compensation are required for<br />
consideration.<br />
Use of Subcontractors: The use of subcontractors needs to be disclosed<br />
upfront.<br />
Financial Stability: Previous bankruptcies are a red flag.<br />
Referrals: They should willingly provide at least three referrals.<br />
Developing A Pitch<br />
While a contractor’s answers should align with your particular strategy and<br />
criteria, it is important to remember that they have a decision of their own to<br />
make. You need to equally portray yourself as a viable business partner. You<br />
need to address items that motivate the contractor and provide them with a<br />
reason to choose you over anyone else who may desire their services.<br />
Make it apparent that their cooperation will result in a mutually beneficial<br />
partnership. They need to know that value they are providing you will be<br />
reciprocated. Remember, they're in the business to make money. The sooner<br />
you realize this, the sooner you can move forward with this process. 44<br />
10 Costly Mistakes to Avoid as a New Real Estate Investor