David G. Brown - HOW TO REDUCE YOUR RISK IN REAL ESTATE INVESTING

or mentor who has the experience you need, and see if they’re willing to answer any questions you have or to work together on a project so that you can learn the ropes.

Find a good contractor and establish a clear contract.

Your flips will flop without a reliable and capable contractor, so it’s imperative to find someone who can do the job well and within the timeframe. Once you’ve found someone you trust, write up a contract that includes all the details of the job, including what will happen if something goes wrong. You also need to supervise to make sure all’s going well. A good contractor will work with you when unexpected problems come up. However, if the contractor doesn’t fix things, don’t hesitate to cut them loose and find someone else. You should also change the lockboxes, just to be safe.

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