Coming from an electrical engineering background, I knew my way around wiring and lighting fixtures. However I was a complete newb when it came to actually running the business of owning property. I was plugged into the electrical contractor network, and I had a bunch of contacts that could help me with any household repair & rehab issue. For example, when my electric panel blew out and I needed a new one, I called my buddies over at electrician grand rapids . They helped me replace the panel with a newer model, which counted as a repair & an upgrade, all in one job. Now came the task of payroll and billing. Like I mentioned earlier, I am not so sharp when it comes to business, so even though I knew these guys for years, how much would I have to pay them? Was their quote too high? I wasn't sure, since I didn't shop around. I just called these guys since we knew each other from trade school. Or was their quote too low? In any case, I hopped on my phone and did a search for various electrical jobs and the corresponding rates. I found out they were actually giving me a great rate! Maybe because we were friends. Either way, I opted to tip them generously to make up for the lower rate. After all, they did a great job installing and upgrading my panel.
In my next entry, I will share how manage contractors when doing full gut rehabs on my investment properties. Renovating a flip can take months of ongoing work. How do I ensure that contractors stick to schedule and avoid going over budget? There is great lesson I learned from my mentor, and I will be sharing it in my next post.
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