THE BLOG

When paying always get a lien waiver from all who work on the property # 86 – 101 Street Smart Cash Flow Accelerators

Hi, my name’s Lou Brown. Join me here for my 101 cashflow accelerators where I help you to build your business, grow your business, and support you in 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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April 10, 2020, By Scott

Understand exactly what is included and what is not #85 – 101 Street Smart Cash Flow Accelerators

Lou Brown, I’m back with another mom 101 cashflow accelerator 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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April 9, 2020, By Scott

Have the contract state the minimum hours required to work #84 – 101 Street Smart Cash Flow Accelerators

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.

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April 9, 2020, By Scott

Have the contract state the crew size #83 – 101 Street Smart Cash Flow Accelerators

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.

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April 9, 2020, By Scott

Charge the contractor a penalty when they don’t finish on time #82 – 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.

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April 9, 2020, By Scott

Charge the contractor a penalty when they don’t finish on time #81 – 101 Street Smart Cash Flow Accelerators

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.

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April 9, 2020, By Scott

Give the contractor a bonus if they finish early #80 – 101 Street Smart Cash Flow Accelerators

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.

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April 9, 2020, By Scott

Always have a budget for your renovation #79 – 101 Street Smart Cash Flow Accelerators

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.

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April 9, 2020, By Scott

Know your market and the type buyer you will have and renovate accordingly #78 – 101 Street Smart Cash Flow Accelerators

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.

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April 9, 2020, By Scott

When in Doubt Get a Professional Opinion – 101 Street Smart Cash Flow Accelerators #77

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.

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April 9, 2020, By Scott