A key to your real estate investing success is building a winning team. A key player on your team will be your general contractor (GC). Perfecting the skill of interviewing and hiring the right contractor(s) is paramount.
Here are some key questions to ask. Use this as part your selection criteria.
- Are you a general contractor (GC)?
- Do you have an appropriate GC license and insurance?
- Can you pull permits if needed?
- Have you completed a scope of work that includes taking an unlivable house and making it retail/sale ready?
- Have you managed multiple work projects and crews simultaneously?
- Do you have a minimum of 3 – 5 years’ experience, 3 references and pictures of previous work?
- Do you have your own tools, employees and specialty contractors (sub-contractors) ready and available?
- Do you have the ability to procure materials on your own?
- Can you deliver an accurate and timely scope of work?
- Support payment terms of pay upon completion of project or project milestone/draws?
You’ll also need to ensure they can meet my pricing guidelines and completion timelines? (More on this topic later.)
We’ll devote several episodes on our podcast show to this and related topics soon. Stay tuned!
