Have the contract state the crew size #83

Hi, it’s Lou Brown. I’m back with another of my 101 cash flow accelerators to help you accelerate the cash and your business and one of the things that I’ve always learned is that when you sign a contract with the contractor, you better be sure that you say when they’re going to get that job done. Not only that but what makes us think that’s going to happen? How many crew sizes are they going to have on the project and what times of the day can you expect to see them there? So in my independent contractor services agreement, I’ve actually built in when they have to be there X number of days per week and during the hours of X and Y to be sure that I can expect to see them, I can drive by at any time and see them and know that the contract is being fulfilled and that my job is going to be done on time. What is typical is that contractors run on to another job and another job and another job. They get deposits from a variety of different people and they go start working on all those different projects, tearing things out, and getting them, the owner pretty much committed to them to have to finish the project. While I’ve been very careful to make sure that they’re going to get on my job, stay on my job, get my job done. Well, hopefully, that has been helpful to you. You can find out more about that at StreetSmartInvestor.com click on tools and click on renovations, Volume 11 and I hope this has been helpful. Like it. Love it. Share it, and I’ll see you soon. Yeah, baby.

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Have the contract state the minimum hours required to work #84

Hi, this is Lou Brown. I’m back with another of my 101 cash flow accelerators to help you build your business, grow your business and support you long term in the success of your business. One of the things I’ve learned over the years in this section, we’ve been covering renovations. You better make sure you know the number of hours that they are going to devote to your business. And so therefore in our contract we actually state the number of hours that they’re going to devote. One of the things when you are first determining whether you’re getting a good deal or the right price from the contractor, I always ask them, well, how long do you think that will take? And then as we’re going through the contract, you know, how many hours would that be and how many hours would that be and how many hours would that be? And then I’ll do my own calculations on the number of hours I expect it to take.

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Understand exactly what is included and what is not #85

Hi, it’s Lou Brown. I’m back with another of my 101 cashflow accelerators to help you be more successful in your real estate business. Well, make sure that when you are dealing with a contractor in this section, we call this renovation or success or renovating for success. Let’s be sure that we not only enter into a contract with the contractor, but we know exactly what they’re going to do with that contract. Now what I recommend is you actually do your homework and that means go through the property yourself, not with the contractor, I mean yourself, and literally break it down. What do you want to be done in each room and what do you want each trade to do in each room? So what I did in my renovation system, volume 11 what I did was actually determined each one of the different trades and then determine what they would do in each room.

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When paying always get a lien waiver from all who work on the property #86

Join me here for my 101 cash flow accelerators where I help you to build your business, grow your business, and support you, and protecting you from the mistakes that I’ve made in my business over the years. Always be sure that we get a lien waiver from all the contractors that are working on the project, not just a general contractor. You see the general contractor can give you a lien waiver, but what if they don’t pay the under contractors, the subcontractors that have been working under them? The problem is this, if they’ve done work on your project and they haven’t been paid, they have the right to come in and lien your project. Oh my gosh. What miserable time in your life would happen when you actually have to pay twice for the same work? Yes, pay the general contractor and now I have to pay the subcontractor again.

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Offer Owner Financing to your tenants #87

I’m back with another of my 101 cash flow accelerators where you can accelerate your amazing real estate business. Well, one of the things I like to talk about in this segment, we’re going to be talking about lending. When you become the lender. How about let’s lend to our tenant. Now, what that means is not lending them money, lending them equity, the property that they’re moving into that they live in. We have a program called the path to homeownership where we help deserving families regardless of credit or financial background to end up with homeownership and we even teach them and show them how they can do that. We do all we can do. We have marketing to attract those kinds of people that have significant down payments in my world that they have at least 10% down. Then we will do owner financing in the form of what’s called an agreement for deed.

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Owner Financing Secret #88

Hi, it’s Lou Brown. And I’m back with another of my 101 cash flow accelerators where we help you to build an amazing StreetSmart real estate business. One of the things that we’ve learned over the years is one of the steps in lending to other people, particularly when you’re lending to someone who’s living in one of your homes, is that certainly, you could sell that property to them.

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Control the closing #89

Hi, this is Lou Brown. I’m back with another my 101 cash flow accelerators to help you have a more successful real estate business in a Streetsmart way. Now in this one, we’re in this segment, we’re talking about lending and whether you’re buying, whether you’re holding, whether you’re selling, when you use an attorney, it should always be your attorney.

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Use the right paperwork with strong late penalties #90

Hi, it’s Lou Brown. I’m back with another of my hundred and one Cashflow accelerators where we help you to build an amazing real estate business. Now, one of the things that I’ve learned over the years, paperwork, and in that paperwork is that you have strong penalties. Now we call them penalties, but the truth is they are incentives, they are incentives to pay on time. And so in our standard rental agreement, for example, we’ve built in a housing discount or a payment discount.

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