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How to Choose the Right Contractor for Real Estate Investing

Hi, I’m Ryan with Propelio. Today, we’re talking to Blake Johnson from Finishing Touches to give you some solid advice on picking the right contractor, especially if you’re a real estate investor. Blake has been in the business for almost 17 years, and he knows the ins and outs of working with investors.

From Handyman to Specialist

Blake started nearly 17 years ago as a handyman. He quickly realized working with homeowners wasn’t for him. He transitioned to working with real estate investors, and for the last 16 years, he’s focused solely on this niche.

DIY vs. Hiring a Contractor

You might think you can handle the work yourself after watching a few DIY shows. While it’s possible, consider the time and cost. Blake points out that by doing the work yourself, you shift from being an investor to being a handyman. The money saved might get spent on downtime and extra costs. A professional contractor can complete jobs in weeks that might take you months, saving you time and money.

Finding the Right Contractor

Start by tapping into your network. Attend local investor meetups, seminars, and expos. This helps you learn who’s working in your community and building your network. Recommendations from fellow investors can point you in the right direction.

Questions to Ask a Contractor

Before hiring, it’s essential to vet contractors properly. Blake suggests visiting their office or current job sites. Pay attention to reputation and feedback from the local community. Check their website for more information but rely on word of mouth to gauge their standing.

Key Signs of a Good Contractor

When meeting a potential contractor, listen more than you talk. Ask them about their process for handling a project similar to yours. A good contractor should guide you through the steps and help establish a roadmap for your project. If they can’t answer basic questions or seem unsure, that’s a red flag.

Red Flags to Watch Out For

Blake mentions that if a contractor is asking you what to do next, that’s a bad sign. As an investor, you might not know what needs to be done. You need a contractor who can lead the project and offer solutions. Reputation and experience again play a huge role here. Go for a contractor with a solid track record, even if it costs a bit more.

The Importance of Detailed Quotes

When getting quotes, you might see a wide range in pricing. Blake advises getting at least three estimates initially to understand the market. However, he emphasizes that more experienced investors can rely on trusted contractors who provide detailed quotes. Detailed quotes help avoid surprises and ensure you’re comparing apples to apples.

Understanding the Basics

New investors should familiarize themselves with basic construction terms such as draw schedules and financing. Knowing these basics helps communicate better with your contractor and manage your project efficiently. Plug into your local network early to absorb as much information as possible.

Avoid Personal Attachments

Don’t get personally attached to the property. Treat it as an investment. Don’t try to impose your personal style or preferences on an investment property. Instead, focus on what the market supports to get the best ROI. Stick to tried and tested methods that align with your investment goals.

Know Your Limits

Blake’s business model focuses on properties below a certain threshold. He advises knowing your limits and sticking to them. If a property doesn’t fit your typical project, it’s okay to pass and focus on what you do best. Specialization can lead to better efficiency and profitability.

Final Tips

Reputation in the local market is crucial. You get what you pay for, so understand the costs upfront to avoid unexpected expenses later. Take your time to start strong. A well-prepared start can save headaches down the road.

How to Work with Finishing Touches

If you’re in the Dallas-Fort Worth area and need a reliable contractor, getting started with Finishing Touches is straightforward. Simply contact them with the project address, lockbox combination, and how you heard about them. They will schedule a visit and discuss the project with you.

Blake and his team specialize in working with investors, so you can rest assured you’re in good hands. Reach out and build a strong partnership to ensure the success of your real estate investments.

Wrap-up

Choosing the right contractor is a critical decision for real estate investors. Blake Johnson’s extensive experience and insights provide invaluable guidance, from recognizing red flags to understanding the importance of detailed quotes. By leveraging your local network, asking the right questions, and staying focused on your investment goals, you can ensure a smooth and successful project. 

For those in the Dallas-Fort Worth area, partnering with Finishing Touches can offer the expertise and reliability needed to thrive in the real estate market. Reach out today to start building a strong, successful investment portfolio with the right contractor by your side.

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