7 Things to Watch For Independent Contractors for House Flipping | Flipping House Tips For The Owner.
Today at @TwoGuysTakeonRealEstate, we discuss 7 Things To Watch For Independent Contractors when you hire someone for Flipping House.
I will discuss how you can protect yourself from independent contractors. And 7 things that I suggest you do to make sure you are protected, whether it be in your contractors or just getting forms filled out by that independent contractor. I hope this is helpful for you guys.
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⏩ Timestamps, click to skip ahead: Flipping House Tips For The Owner
00:00 Intro
00:55 Scope of Work
01:45 Construction Schedule
03:11 Lien Waivers
03:45 Get a copy of your w-9 From your contractor
04:08 Get a Copy of Their Insurance
05:35 Hold Harmless Agreement
06:05 Set Price
You are looking at your first flip, which is awesome. Now you have to sub out some work to independent contractors. There are a few things you want to make sure you are doing. This can protect you as the investor from overages, liability all the things you really want to be mindful of. First, starting out that you might be skipping over.
Scope of Work: You really want to have a detailed scope of work from your contractor. Maybe even getting the SKU numbers of each item so that there's no question about what is expected from you and from them. And so that you're all on the same page right from the beginning.
Construction Schedule: this is actually your payout schedule. If you're giving them a deposit which of course they're going to need for buying the materials for your job and start their workers working. I always like to hold a certain amount of at least 10 percent of the contract at the end to close out. I recommend you make sure you're paying out behind the contractor; that means they've actually completed more work than you're paying out. I find that people are paying out too early, or they're paying out 50 of the contracts right up front, and they're going to get left hold in the bag because some contractors, unfortunately, are not honest.
Lien Waivers: It allows them not to tackle mechanical liens and stuff like that for your projects. So, we get all of our contractors to sign that they will not be able to put any kind of lien on the property.
Get a copy of your w-9 From your Contractor: This allows you as the investor to write off that expense after the IRS and bill out them as 1099 at the end of the year. Make sure you get that form filled out.
Get a Copy of Their Insurance - Get a copy and read properly what insurance will cover and whatnot. And discuss it with your contractor.
Hold Harmless Agreement: This will help you to remove yourself from the liability on the job site. As you're not going to be there every day and every time. So you can't you know how to control what's going on with their employees and themselves on the job site, and you don't want to be possibly sued for that.
Set Price: It protects you from unforeseen costs, or the contractor may be extending their time on things so they can drag things out.
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