PROPERTY INVESTMENT
SUBCONTRACTORS
The greatest rule is to get the ‘ right ’ contractor , and check if they are registered and compliant . This can offer some recourse should there be some serious challenges with the contractor . You might also want to look at it as a partnership , especially when you do not have experience . Have a contract with them that outlines their deliverables , and that clearly shows who is responsible for what , what powers or decisions can a contractor make without you , who buys what and what quality finishes and what style do you as the investor want .
When mistakes happen , the first person to look at is you , did you do your due diligence , did you see previous work by this contractor , what were your reasons to take on this one ? Ask the contractor to refer you to their previous jobs , if they are keen , then you might have a win , but if they show reluctance , that might be your cue to move on .
Do your homework because at the end you get what you pay for . Listen to experts even if you think you already know a lot . Pay for a mentor , it does not make you less successful or less intelligent , it helps you move quicker forward .
“ One of the biggest lessons I have learnt is that you would rather pay for professional services , pay a little more , and get little profit , within realistic timelines .”
66 AUGUST 2022 SA Real Estate Investor Magazine