At Homesense, we want to be the go-to contractor for residential real estate investors. After a few months behind us, we can say that our combination of quality work and fair price has given us some great partners in this area. But, there’s always room to improve. So we reached out to some local experts to find out what investors are looking for.
We asked, if you are flipping a home or renting it out, or advising someone in this process what are you looking for in a contractor, and how should you interact once you find a good contractor? Here’s what they’ve had to say:
“As far as contractors go it is important to treat them like kings. I say this because once you’ve find two(2), not 1 that you like it is important to keep them busy. In return they will (hopefully) put you at the top of priority lists and start cutting you more deals on prices which in turn helps your profits. It’s the small things like people skills and loyalty that can help turn profits in this business.”
– Mark Forcum, is a realtor with Prudential Indiana Realty Group specializing in making amazing investments in real esate.
Next, we spoke to an experienced investor. He shared a variety of advice for potential investors, including:
– Your HVAC system is one of the most important investments you make with your investment property, consider having a licensed contractor do an HVAC Condition Report in advance of making the purchase.
– Once you had tenants, make it mandatory that they make for biannual maintenance on the heating and cooling system. And have accountability in place to make sure they actually do it.
– Expect availability from your contractors. Issues have a way of happening at inopportune times, so your contractors need to be available on nights and weekends. If they are not, then I’ll go to the next name on the list.
– Make sure your gutters and downspouts get regularly cleaned. Nothing can damage a property more quickly than water damage caused by failure to do this regular and easy maintenance.
– Bob Kort is best known in Indianapolis as the owner of Kort Builders. Other businesses in the Kort empire include Midwest Wireless and Commerical Awning Contractors. As Bob has grown different businesses, he has invested in real estate for rental, to flip, and to hold.
Any more ideas to share? We want to hear from you. Email us at firstname.lastname@example.org