916: Crucial Contractor Tips to Avoid Renovation Disaster w/‘Rico to the Rescue’
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.
In This Episode We Cover:
Red flags that point to a shady contractor who has their eyes on your wallet
Writing your contractor contract so you stay legally protected during a renovation
Why you never (EVER!) pay upfront for a home renovation
What you MUST check before you hire a contractor to ensure they’re legit
The common contractor Ponzi scheme that is slowly being targeted by local governments
Expert-tested tips to hire the right contractor for your first home renovation
And So Much More!
Links from the Show
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
Expand Your Investing Knowledge With the BiggerPockets Books
Be a Guest on the BiggerPockets Podcast
Hear Henry and James On the “On the Market” Podcast
Watch "Rico to the Rescue" On HGTV
Catch Rico On the Other HGTV Shows:
Check out more resources from this show on https://www.biggerpockets.com/blog/real-estate-916
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