Real Estate Investing Power Team Question Series: Contractors

Real Estate Investing Power Team Question Series: Contractors

As you build your Real Estate Investing Power Team you may want to have several questions that you ask each potential member. There is not an exact script to interview your Contractors, but here are several questions you can consider asking your Contractors:

1. What type of work/repairs do you normally do?

2. What type of work is your specialty?

3. What days of the week and hours are you normally available?

4. Can you provide an itemized quote with a scope of work for each job?

5. Do you have an hourly rate for smaller jobs?

6. Do you leave any excess materials purchased relating to my jobs or will you retain them for future jobs that I provide to you?

7. Do you require a deposit and if so how much? Could I pay you the deposit the day you start the job?

8. After we establish a business relationship, can you bill me at the end of each job for all work completed?

9. If the job requires a special license are you in compliance good standing with the local town or city?

10. Are you licensed and bonded? Can you provide documentation to support this claim? 

11. If the job requires a permit, do you obtain all permits and is the cost for the permit included in your quote for the total project?

12. If a project has a deadline will you meet that deadline or agree to reduction of fee is the completion date of the project is late?

13. What type of warranty of your work do you offer? Is the warranty in writing?

14. Do you clean-up after each job and dispose of all waste?

15. In the event there is excessive waste do you haul that excessive waste away from the property?

16. Can you provide me with a list of at least 3 references? – Remember: Trust but Verify! Also a great way to find other potential real estate investors in the local area.

17. Can I get an email and secondary number either cell phone number or office phone to contact you with further questions?

Golden Nugget Tip: Always try to get at least 3 estimates for a project. Be sure to compare the contractors quotes with scope of work for quality of materials, total price and timeline to start and complete the project. Always check references to verify satisfaction of customers and quality of work. Your decision should take in to account these various factors and should always be based on more than price alone.

THIS IS MY BUSINESS!