Thursday, December 27, 2007

My Crew Doesn't Cut It!

One of the things that most new real estate investors don't keep a close eye on is their re-hab costs. Most gurus are so busy telling you HOW to buy a property, they don't tell you anything about what to do with it once you've got it. As a long time Investor I can tell you that one of the places where you can lose a boatload of money is in the fix-up. Yes, that's right. Somebody forgot to tell you how to find a top-notch crew once you closed that short sale deal that needed some work. Have you ever noticed how almost all property deals you run into say "Needs some work"? If you don't have access to a qualified and experienced crew, you're good deal could become a not so good deal. Even worse, your great deal could become a terrible deal. Find a crew for you. One that you can work with again and again and will make you money. And remember, making you money does NOT mean using the lowest priced guy around. More often than not, he will end up costing you money instead of making you money. Use the guy who does most of the work turn-key(which is RE lingo for everything; start-to-finish), gives you a realistic price, is licensed, has a business phone and number, and most of all - who communicates with you constantly. If he is communicating with you on a constant basis, then there is usually no question about the fact that he's on the job and getting it done. Believe me, you never want to hear these words when contacting your contractor on a Tuesday morning as you're about 1/4 way through the job..."I'm sorry the number you have reached is no longer in service...".

ROBIN'S RULE # 25: With contractors, pay a little more and pay a lot less.

Remember, if you need an Investor partner or a mentor or consultant, go to my website at
http://www.robinscott.com/ and sign up on the Contact Us page. Let me know what you are looking for.

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