11: How To Find A Great Contractor To Work With When Investing In Real Estate

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Today we are joined Clancy Thompson and Don Erik Wolff from Thompson & Wolff Inc.  As full service general contractors one of their specialties is working directly with investors to meet the investors goals.  In this interview you will learn why not all contractors are the same, why finding a good contractor may take time and the right way any investor should present themselves to potential contractors.  

 

About Thompson & Wolff Inc:

Founded in 2013 Thompson & Wolff Inc. Remodeling & Construction is a fully licensed and insured general contracting and remodeling company that serves Northern California.  What sets them apart from their competition is their experience working with both retail consumers and investor clients.  With an extensive background in general contracting and project management they take pride in the process, making sure to meet with every client to determine their vision, budget and timeline.  

 

What you will learn:

 

As a new investor is it important to have a contractor present for the initial walk through of a potential investment property? (4:14)

 

As a contractor what are some of the most common mistakes and value adds you see investors making in the market? (7:20)

 

Why do other contractors do change orders so consistently? (10:08)

 

What is the difference between project managers and letting the general contractor oversee a project? (12:30)

 

As an investor what are some of the most important things you should be looking out for in your bid (from a contractor) to know that it’s actually a good bid? (15:34)

 

How should investors present themselves to contractors they are thinking about working with? (27:58)

 

What are some things you need to do to bullet proof your escrow? (34:07)

 

What is one construction tip Clancy and Don Erik would give to all new investors first going into the construction process? (39:43)

 

Quotes:

 

“I just need to know what you plan to sell it for.  That way I know what your finish is and what we are trying to accomplish with this project.”

 

“It’s important to have a contactor that understands your vision, because once they have what you are going for they can try and stay within that budget.  And to you as the investor that budget is what is most important to you.”

 

“Finding a good contractor will take time, and it may stem from finding a good contractor that you mold into the contractor you want them to be.”

 

“There are not a lot of contractors that understand the flipping world.  They are great at building things but they do not understand where investors are coming from.”

 

“It’s important that your name is synonymous with integrity.”

 

Resources:

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