Your Must-Ask Questions for Contractors
We live in the wonderful state of Texas.
Great place to live and prosper, but let’s look at something that may be of interest to you as a real estate investor.
There is not any licensing agency responsible for oversight or governing companies who perform rehabilitation (rehab) services for your properties.
So, what does this mean to you?
Well for one thing, it means it is your responsibility to ask questions of any contractor you are considering hiring to work on your property.
What kind of questions, you might ask.
Several I can think of right off the bat are:
How long have you been in business?
Have you ever operated under another name, been sued, or forced off a job?
Are you insured? If so can I get a copy of your insurance? If not, why?
What is your standard warranty for your work? In writing?
Once your crews are on the job, do they stay on the job until completion?
Do you secure the permits and the inspections?
How many ongoing projects do you have at this time?
How many projects have you completed?
Can you provide us with references?
Another good indicator of a competent contractor is to ask them to tell you if they have done repeat jobs for how many customers. Good contractors (like Fast Track Remodeling) pride themselves on working with customers time after time.
Another good indicator is to ask fellow investors how many times they used the contractor you are considering. If they own multiple properties, but use a different company each time, what does that tell you?
There simply isn’t any need to get anxious or stressed out about the rehab process.
Ask questions, expect answers.
Real estate investing can be fun, profitable and most of all chaos free if you do your homework and compare apples to apples, not apples to oranges.
Look at the bid, what is NOT being said, what is being left off of the bid for your job.
Remember …if it sounds too good to be true….
It probably is.