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Investor Mistakes that Can Really Bite - Contractor's Fees
Investor Mistakes that Can Really Bite - Contractor's Feesby John Occhi REALTORRealtor Consultant to Foreclosure Investors
View More Articles on Investor Mistakes That Can Really Bit by Clicking Here Don't get me wrong, contractors earn their money, especially if you negotiate fairly and have a clear understanding of what will be done with what materials and how much you will pay.
The problem that I have fallen victim of and seen on many occasions is allowing a contractor to be paid in full before the job is done. I don't know what it is about these guys, but they always seem to have a reason why they need to get paid, as the job is nearing the completion.It is typically some hard luck story. They will usually come in and work really hard for a day or two and then say that they need some more money because... maybe it's one of their guys or their wife or ... who cares - it's an excuse.
What will undoubtedly happen is the contractor will get your final payment and then never come back. Maybe, all they have to do is the job clean up. Maybe they just need to put up the finish trim. ... more
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