Write Your Own Contract
I’ve been around the block just enough times to decide not to agree to anything in business with a simple handshake. If I don’t have a contract I don’t write a check. In the current economy, this is more important to me now than ever before. here a lot of “hungry” contractors out there right now, which can be both good and bad for investors. The good news is that the prices have come down considerably. The bad news is really the same as its always been but a touch worse. For instance, some contractors will tell you any price to get the job. After they get the job…well you know the rest after reading this post. However, once Ive worked with someone long enough I may let up just a smidgen.
It seems the smaller contractors don’t like writing contracts. Some of them even prefer that I write them up. That’s a scenario that I welcome as an investor. Since I already have a template, the only things I need to change are the project scope, contractor information and the dates. The basic protections are in every contract so I don’t need to adjust those normally. You can find more information on remodeling contracts in some of my other posts. Don’t be afraid to write the contract yourself, in fact insist upon it.
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