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Hi, this is Lou Brown. I’m back with another amount, 101 cashflow 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. Uh, one of the things when you are first determining whether you’re getting a good deal or the right price from the contractor, I’ll 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.
It’s Lou Brown, I’m back with another of my 101 cashflow accelerators to help you accelerate the cash in 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 accrue 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.
Continue Reading Have the contract state the crew size #83 – 101 Street Smart Cash Flow Accelerators
It’s Lou Brown. I’m back with another my 101 cash flow accelerators. Renovations can absolutely accelerate your profits. However, there are things that you must consider. One of the things that I’ve laughed about over the years, I’ve learned in doing many, many renovations is that when you’re dealing with the contractors, you better have it clear who is going to be responsible for the debris clean-up and removal from the property.
It’s Lou Brown, I’m back with another 101 cash flow accelerators to help you be more successful in your real estate business. In this section we’ve been talking about renovations and boy I tell you what, I’ve done a bunch of those. I’ve done whole subdivisions and it’s been really interesting to learn about working with contractors and getting them to behave the way you want them to behave as Austin Powers would say and they won’t unless you penalize them. Well in my contract called independent contractor services agreement, it’s available in volume 11 renovations under streetsmartinvestor.com. One of the things I have is a contract for the contractor and an important thing to have in there is penalties when they don’t complete on time. So typically we go through a list of things that need to be done. I provide that to them. It’s a contractor, it’s actually all the scope of works and it depends on which contractor I’m talking to, whether it is the general contractor or it’s plumbing, heating and air conditioning, electrical roofing, painting, carpentry, general.
It’s Lou Brown. I’m back with another my 101 cash flow accelerators to help you be more successful in your real estate business. You know renovations, I’ve done so many of them. I used to do entire neighborhoods. I’m very familiar with turning things around and one of the things you gotta deal with who can help you make a lot of money is your contractor.
Hi, it’s Lou Brown. I’m back with another of my 101 cash flow generators, planning for you to make more money with less effort. This is a great one and it is always has a budget. You know, a lot of people jump into a renovation. They really don’t know what they’re gonna do or how they’re gonna do it. They just decide along the way, which is a really bad plan.
I’m back with another of my 101 cash flow generators where you can make more money and less effort in a single bound. We are sharing with you today number 78 of my cash flow generators and that is renovating the property for the buyer that you want.
Hi, it’s Lou Brown. I’m back with another of my hundred one cashflow accelerators. I want to help you to be successful in this great business called real estate and one of the things is very, very important that you identify when you don’t understand what it is that you’re doing. For example, you may think to yourself that you are supposed to do something, and I’ve seen too many times when people buy carpet, when they need to be buying drywall and they bring things to the project that’s untimely for where the step is in the project. So critical that you have deliveries related to the installation of those things. The reason is that contractors and their workers are often very sloppy. Careless, it’s your materials. They don’t care about those things. And secondly, theft that it’s easy to take something that’s right there on the job. I hate to tell you this, but some of the people working on the job might be the thieves or they might tell someone else, Hey, I know some stuff that’s on that job over there.
My name is Lou Brown. I’m here with another of my 101 cash flow accelerators. And in this one I want you to be aware of what your costs are when you’re doing renovations. I know that sounds simple but it’s really not. A lot of people really don’t understand what they’re going to spend when they go into a project often. Yeah. Actually, as an investor, I buy from wholesalers all the time and one of the things is they bring me projects that are failed projects. Why? Because the on knowing untrained investor came in, purchased the property, started the renovation, ran out of money, got taken advantage of by the contractor, didn’t know what to do, didn’t know how to do it, crashed and burned brings me the deal. I buy it for pennies on the dollar. I’m able to finish the renovation. It’s something you need to be very aware of, particularly if you’re just getting started in the business.
I’m Lou Brown and I’m back with another my 101 cash flow accelerators. Weird talking about renovations in this segment and one of the things that’s always very, very important is do your homework in advance of bringing in any contractors goes through the property yourself. Make a list of the items that need to be done room by room and trade by trade. Now trade by trade. So one of the things that I’ve created in my system call renovations is that separated what’s called scope of work by trade. So you should have a separate scope of work for plumbing, heating and air conditioning, electrical roofing, carpentry general and painting. So those six different trades typically done by different people, you’re giving them a different list of things to do. Now what I did is break it down room by room so that you’re actually walking through the room, walking through the project, determining by tip offs that I have on each one of the different rooms of things to look at.
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