A bad contractor could not only ruin your home renovation but cost you tens if not hundreds of thousands of dollars. Don’t believe us? Just ask Rico to the Rescue’s Rico León. Rico has spent years cleaning up contractor mistakes, making homeowners feel whole again after getting ripped off, lied to, and scammed by who they thought were reputable contractors. As a contractor himself, Rico knows the red flags to spot right away to tell if a contractor will take your money and run, and he’s sharing them with us today!
This episode is crucial for ANYONE who owns a home, is looking to renovate one, or is just getting started in real estate investing. Home renovations can make or break your career as a real estate investor, so knowing who can get the job done is a skill that can’t be overlooked. Rico breaks down the common problems inexperienced contractors run into, the Ponzi scheme of payments to look out for, how to create a contractor contract so you protect yourself, and the mistakes you can prevent BEFORE you hire a contractor.
Plus, we’ll get into the not-so-obvious red flags that only an experienced contractor will notice, what you need to check before you hire a contractor, the milestones to set up so you don’t get ripped off, and the conversation you must have with ANY contractor before work begins. Finally, Rico leaves us with four tips to help even the most inexperienced homeowner hire the right contractor.
Henry Washington:
What’s going on everybody? Welcome to the BiggerPockets Real Estate Podcast. I am your host, Henry Washington, and I am joined today by my good friend, Mr. James Danner, for a show about one of the most relatable universal problems that investors face and that is contractors. James, have you ever had a nightmare contractor?
James Dainard:
Never once. Every job site has gone a hundred percent smooth.
Henry Washington:
Always bating a thousand,
James Dainard:
Bating a thousand. I feel like me and you were talking about…