How to Choose the Best Possible Contractor For Your Next Renovation

Most real estate enthusiasts and experts look forward to flipping properties as a means to earn nice, fast income. And why shouldn’t they? After all, flipping is all about buying an undervalued property that needs a good amount of fixing up, then once you have your renovations done, selling it at the market rate. So, once you sell, you make that sweet profit. But that’s quite a misconception, as you don’t ever make money when you SELL, but when you BUY. Buying cheap will leave you enough room for any errors that could potentially arise later down the track. Of course, you’ll need a good margin to operate, and for that you require a great team that makes those numbers work for you.

One of the most crucial team members to help you with successfully flip your properties is your contractor. He won’t be there for the sale, but he will be your main cost. Often the houses that you consider flipping need renovations far beyond what you thought initially. And believe me, it’s not easy to find a good contractor. Want to get a feel of how bad things can get? Check out my previous post on how I got burned on a shady deal.

These days, the low standards and controls on the market allow almost everyone to be in the business of flipping properties. You have to separate experts from novices. So I’m here to help you make that distinction. To begin, you need to shortlist a few good contractors. There are many fish in the sea, and doing some research will probably get you some great candidates. After you’ve shortlisted the contractors through referrals, recommendations, online research and finally, your gut feeling, you need to make a decision. Which one will you go for?

Read more from Engelo at BiggerPockets!

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