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Types of Insurance a Real Estate Investor Needs + Rehab Contract
Unless you are purchasing brand new property with no need for any sort of repair or maintenance you will definitely have to hire a contractor. With most investments the key to making money is buying low cost property and selling it for a profit. It is likely that inexpensive property will need some sort of renovation in order to increase its selling value. This is why having a proficient and affordable contractor is vital. There is important information you need to know about hiring a contractor, such as the following:
 
Where do you find contractors? Ask for referrals from other investors. You can also go to Home Depot early in the morning where the contractors check out. Talk to the clerks about who are the regulars and talk to the contractors in line. Check out their work start to finish and their references. Home Depot is a great place to find a reasonable crew that works for builders.
Does the contractor need insurance? You need to make sure you or your contractor has three types of insurance which are:
Type 1 - Workman’s Compensation Insurance: If you are doing a lot of rehabs, you will want to get a minimum workman’s compensation insurance policy. ... more

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