Memphis Real Estate Investing

Repairing and Renovating
Renovation and Repair of your Memphis investment property When renovating or rehabbing a home in the Memphis area, it is important to have a good contracting team in place. The contractors need to be qualified to handle the job. You need to make sure they have experience in doing the kinds of jobs they will be doing for you. When interviewing the contractors. The following points should be covered:

1. What is the experience level of the contractor?
2. Is the bid a hard quote or an estimate?
3. Is the contractor licensed to pull plumbing and electrical permits?
4. What happens if there is a cost over run?
5. What is the draw schedule?
6. What is the time frame of the job?
7. What is included in the bid?
8. What happens if the job takes more than the allotted time?
9. Does the contractor have a contract?
10. Other contingencies?
11. Previous client references?
12. Have you inspected other work the contractor has done?
13. How many jobs do they have going at one time?
14. When is the start date?
15. How many people will be working on my house at all times?
16. How do they define a crew? (some contractors tell you they will have a crew there, and you find out a crew is 2 guys)
17. Have you shopped around?
18. Does the amount of the job sound reasonable? (Example, $10,000 for carpet and paint is not reasonable on a $50,000 house)

These are just some things you want to keep in mind if you are shopping around for a contractor. Using a team with an experienced contracting group can help. Whether you choose to invest in Memphis real estate or any other city, it is important that you have covered these questions or you are working closely with a team that already has.