Contractors and Contracting, Part One
from Flipping America
FAR 013 Announcements: Remember the website and email have been down. If you sent an email and it bounced back, please re-send. Today's show We a re going to finish the conversation about Contractors, contracts and vital construction documents. Updates: The other day Joe Thompson: "If at first you don't succeed, then go back and do what your coach told you to in the first place." Eriq: doing exactly what I tell him to do. Last week he drove several subdivisions, found 60 possibly vacant homes. Did his research, mailed letters, and over the weekend made 27 offers. Today he reports that two of his offers have been accepted! Remember, he's 20 years old. Does he know what to do next? Nope. But that's the beauty of our training. I'm working with him on the next steps and the ones after that until we have fixed the properties and sold them to new homeowners. Anna from Houston writes: "I can't get realtors to find deals for me. I've told them I want to buy several houses but I never hear anything back from them. Why are they so un-interested in helping me. Don't they realize they would be making money?" Big Rehab Steps During DD, Walk property Create Scope of Work Solicit Bids Cancel or renegotiate purchase agreement if too high Select Winning Bid Hold Mobilization Meeting Sign Contract Verify the 8 Essential Docs Begin Work Visit often, irregular schedule Updates Daily Photos Weekly, same spot Payments with Interim Lien Waivers Final Inspection and punch list Final Payment and final lien waiver
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