I wanted to write an article that would shed light on the renovation side of the business. Understanding the renovation process enables you to tap the full profit potential of this business.
The quicker you get up to speed on this process, the sooner you can make the lucrative
leap from the wholesale to retail side of real estate investing. You don’t have to know
how to swing a hammer but you do have to know where to find contractors, what types
of materials to use, and how to estimate costs.
FIVE FAST TIPS
Five Fast Tips are practical suggestions covering topics related to real estate investment. * If you have a topic you would like us to cover in the future, please let us know. *
Five Fast Tips: Finding Renovation Contractors
- Real Estate Investors
Some of the most affordable and reliable contractors are referred to me by other real estate investors. Often, we do not have enough work to keep all of them busy 40 hours a week. Sharing contacts allows everyone to win. The contractors keep busy and the investor has a reliable source of workers.
- Investment Club Meetings
There are investment club meetings scheduled regularly around the Beltway. Although the clubs are structured differently and have different agendas, they offer the opportunity to meet contractors. Attend a meeting with the intent of meeting new contractors. Networking at club meetings can help you find a contractor or subcontractor to meet your particular project needs.
- Supply Houses
Visit local electrical, plumbing and paint stores in the area. Ask the people behind the
counter which contractors they would recommend. Explain the project and generally they will have a list of suitable tradesman to tackle your job.
Every local real estate office maintains a list of contractors used for punch out, painting and other renovation projects. Network with realtors in your area and you soon will have a reliable list of contractors for all your projects.
- Trade Shows
Attend trade shows in the area and begin to network with the vendors. Ask for reliable contractors in your area. You can also network at local business meetings ( Chamber of Commerce) with the intent of meeting contractors.
If you are interested in digging a little deeper into the mind of a local General Contractor, or just want to learn more about the contracting business, join us on Feb. 18th at the next WREIA meeting. You can find out more at http://wreia-feb2013-wreia.eventbrite.com
Let me know how I can help you,
Washington REIA Network, President
Profitable Property, Founder