I’m back with another of my 101 cashflow accelerators and we’re talking in this segment about renovations. I’ve made a fortune in the arena of renovations and I want to help you to do the same and I’ve learned an awful lot about how important the contract is. Listen, your contractor. Many times these folks are in desperation most of the time and they’re always angling for ways to get their money out of you before the work is done. I find it best to not be the owner, be the manager, so the hat that you should wear is that of a project manager and then you have the authority to release payments based on the contract when the actual sign-off occurs from the County. When they have the inspection done by the County, they’re the ones that need to organize that and set that up and be present for the inspection.
When the sign off on the permit occurs, that’s when you pay and if you have any suspicion at all, whether that’s a legitimate sign off or not, believe me, contractors, there’s a reason that con is in the word contractor is it? I’ve seen it, I’ve lived it where they actually signed off on their permit themselves and let’s face it, someone who has nothing to lose has nothing to lose by doing something like, yeah, so if you have any suspicion at all, you call the County, you call the inspector and confirm that they actually did sign off, alternatively be present for the inspection. No, that the permit was not signed because there were certain things that were done incorrectly or that the inspector required to be done before they would sign off on it. And remember, you don’t pay the money until the sign off occurs. Hopefully this has been a value to you. If you want to learn more about renovations, go to streetsmartinvestor.com click on tools, click on renovations. You’ll learn all about the system that I have to support you and help you to be successful. Doing great thing that you could make a lot of money with called renovations. My name’s Lou Brown. If you like this, you love this, share this and do subscribe. Talk to you soon.