EP 247: Evaluate GC Estimate Like a Pro (Minisode)Mar 01, 2022
Many investors believe picking out the lowest estimates for jobs is the best decision since its supposed to save money. Well, sometimes this ends up costing more money and time. Hence, we encourage you to consider other factors in order to make the right decision.
Here are some questions to ask yourself and the GC:
What is the proposed payment plan? What are the items that are not included on the estimate? When is GC planning to start? What is the estimated timeframe? What is a reasonable deposit considering the scope of the first phase of the project?
There are so many ways of reviewing a general contractor’s estimate. In this Minisode, Andresa and Liz will disclose 5 quick tips on how you can evaluate it in order to choose the correct one and don’t make mistakes.
Tune in to this episode to learn how to evaluate GC Estimate like a pro!
• “One very important behavior that I want you to get when you are walking through the property with the contractor is, is he or she taking pictures, taking notes, asking questions, measuring things?” (2:14 - 2:30)
• “It is important to look at the estimate as a result. Is it a representation of how they work?” (4:28 - 4:38)
• “A lump sum will not allow you to manage the money in your job. And that's one of the most critical points of a successful rehab.” (5:38 - 5:43)
• “The third thing is scheduling. When are you planning to start? And this sounds so basic and silly, but it's not . How many times the general contractors don't even put what the start date is?” (7:45 - 8:00)
• “Watch the money, you've got to ask for them to include a payment plan and proposal.” (9:03 - 9:10)
• “One of the most important things is integrity. Which means what they said is what they did. Does what they are saying matches their actions. It’s very simple.” (11:28 - 11:38)
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