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.
That’s not too much fun. Don’t ever assume that your general contractor is going to pay the subcontractors. Always get a lien waiver from everyone that’s working on the project. Now we divide up our payments into segments so that during that segment, let’s say electrical or plumbing, then we’re expecting to see a lien waiver form that electrician or that plumber. And if you have any concerns about whether that’s legitimate, call them directly and make sure that they said, absolutely, I signed that lien and waiver so that you can pay your contractor. Hopefully, that’s been helpful to you. You can learn more and my renovations, volume 11 street, smart investor.com visit there, go to tools and under tools. You’ll see all my different systems from having been in this business for over 40 years, buying, holding, and selling property. Hopefully, I can help you to build an amazing multi-million dollar business. Love to share with people how they can duplicate what we’ve been able to do in this great industry of ours. If this has been helpful to you, like it, love it, share it, and I’ll see you soon.