Episode 49

49 - Four Things to Keep in Mind When Hiring General Contractor for Property Renovation

Episode Summary

In this episode of Get Real Wealthy Season 2, Quentin talks about four steps on hiring a general contractor for your rental property renovation.

Quentin says that it's really important to have a great general contractor and there are some tips and tricks that can save your time and money. The difference between hiring a general contractor and doing it yourself is time. Usually, you have to give up a lot of time in order to do a good job at a renovation. If you are giving up your time, then you are saving money. If you want to have more time however, you hire a general contractor, and they manage all the subcontractors like plumbers, electricians, carpenters, etc. He adds that there is a downside of undertaking the renovations yourself, and not going with the professionals. He says that one of the ways to find better general contractor is by talking to other investors and getting referrals. Quentin further adds “I would also ask a contractor to give me a referral from another investor. And then that way, I can talk to that investor and find out how they work with that person.”

Second step is to inquire them about the nature of their insurance. Do they have WSIB coverage? Do they have any type of insurance that you can verify? Step number three is to get everything in writing. This will help you keep things smooth throughout the process and save you from any misunderstandings. If they need to negotiate something with you that that's up to you, but get it in writing. Step number four is to make sure you're reviewing the work that is being done. Don't completely pay for anything until you've actually gone on site and reviewed the work, or you've had a very trusted employee, advisor or property manager to go in and inspect the work, someone who has done inspections in the past.

In conclusion, Quentin says that these tips can help the renovation process smooth and stress free for you while building a relationship with the contractor for future projects.

Important Links and Resources

QuentinDSouza.com - Free 15 Min Discovery Call






About the Podcast

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About your host

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Quentin DSouza

Quentin D’Souza is a multiple award winning Real Estate Investor, and a trusted authority on real estate investing. He is an Ontario Certified Teacher and holds two university degrees, which includes a Master’s in Education. Quentin has appeared on local and national television and radio, interviewed in national publications, and has been a keynote speaker to large audiences of real estate investors. He owns a real estate portfolio in excess of $80 million dollars of assets under management across Canada and the US and transacted on 80+ properties since 2004. Quentin is the author of several books available on Amazon. He is also mentors real estate investors as the Chief Education Officer of the Education for Canadian Real Estate Investors and Durham Real Estate Investors Club.