Hi, it's Lou Brown. I'm back with another of my 101 cash
flow accelerators. In this segment we're going to be talking about renovations.
I've made a fortune in renovations. It's been absolutely incredible. I learned
a lot about what to do and what not to do. I didn't know anything and I didn't
have any background in rehabbing anything. Having been raised by a single mom,
being raised in apartments, having no dad, having no background in
construction, not taking any classes or going anywhere to learn about those
things. I learned about it through hard knocks and I've got all kinds of advice
for you on this. But one thing is that, when you do hire someone to do your
work, you always start with a good contract. Now, what I recommend you do is
actually go through and make the list of everything that needs to be done in
the home.
flow accelerators. In this segment we're going to be talking about renovations.
I've made a fortune in renovations. It's been absolutely incredible. I learned
a lot about what to do and what not to do. I didn't know anything and I didn't
have any background in rehabbing anything. Having been raised by a single mom,
being raised in apartments, having no dad, having no background in
construction, not taking any classes or going anywhere to learn about those
things. I learned about it through hard knocks and I've got all kinds of advice
for you on this. But one thing is that, when you do hire someone to do your
work, you always start with a good contract. Now, what I recommend you do is
actually go through and make the list of everything that needs to be done in
the home.
And that means identify everything that you want done.
Don't let them tell you, you tell them so that when you are getting bids from
contractors, it's apples to apples to apples. And then attached to that bid
should also be the rules of engagement. What I'm letting the contractor know in
advance is how we're going to work together and about advances, about payments,
about how they're going to get paid and who's responsible for the permits and
everything related to that project and how many people they have to have on the
project, how many days per week. You see what happens often is that a
contractor will go ahead and get your job and then they'll get someone else's
job in someone else's job and someone else's job too. And then they'll juggle
between the various jobs and you don't get your job attended to and with the
right connection and responsibility because you didn't do the right contract.
Don't let them tell you, you tell them so that when you are getting bids from
contractors, it's apples to apples to apples. And then attached to that bid
should also be the rules of engagement. What I'm letting the contractor know in
advance is how we're going to work together and about advances, about payments,
about how they're going to get paid and who's responsible for the permits and
everything related to that project and how many people they have to have on the
project, how many days per week. You see what happens often is that a
contractor will go ahead and get your job and then they'll get someone else's
job in someone else's job and someone else's job too. And then they'll juggle
between the various jobs and you don't get your job attended to and with the
right connection and responsibility because you didn't do the right contract.
So what I recommend and what we have in my volume 11
renovations is an independent contractor services agreement. And in this
independent contractor services agreement, we spell out all of the different
things that are related to our agreement when they're going to get paid, how
they're going to get paid and over what period of time. So then that contract
specifically States the length of time that the project is, and it also States
that should it go beyond that date, there's actually a penalty, a daily penalty
to incentivize them to get that job done and done on time. And I've had
contractors literally work overnight work entire crew overnight to get that job
done on time before the penalty kicks in. By the same token, once you look at
the contract and look at the length of time that is going to take, we make that
an incentive as well.
renovations is an independent contractor services agreement. And in this
independent contractor services agreement, we spell out all of the different
things that are related to our agreement when they're going to get paid, how
they're going to get paid and over what period of time. So then that contract
specifically States the length of time that the project is, and it also States
that should it go beyond that date, there's actually a penalty, a daily penalty
to incentivize them to get that job done and done on time. And I've had
contractors literally work overnight work entire crew overnight to get that job
done on time before the penalty kicks in. By the same token, once you look at
the contract and look at the length of time that is going to take, we make that
an incentive as well.
So every day that they end the contract earlier than the
target date, they actually earn a bonus because in this business, time is
money. The sooner you can get to market with your project, the sooner you can
get your exposure for that property, the better off you're going to be. I've
got bunches of different, ideas for you on doing, contracting, doing,
renovating the right way, and making sure that you're in a position to win.
You'll learn more. Go to StreetSmartInvestor.com click on tools, open up
renovations. You'll get a lot of information about what we teach you in the
renovation system. Very important you can make a fortune in renovations. I've
had as many as 26 renovations going at one time in one neighborhood. So it's
way that you can accelerate your cash flow for sure, but you gotta have the
right contract.
target date, they actually earn a bonus because in this business, time is
money. The sooner you can get to market with your project, the sooner you can
get your exposure for that property, the better off you're going to be. I've
got bunches of different, ideas for you on doing, contracting, doing,
renovating the right way, and making sure that you're in a position to win.
You'll learn more. Go to StreetSmartInvestor.com click on tools, open up
renovations. You'll get a lot of information about what we teach you in the
renovation system. Very important you can make a fortune in renovations. I've
had as many as 26 renovations going at one time in one neighborhood. So it's
way that you can accelerate your cash flow for sure, but you gotta have the
right contract.
Hope this was a value to you. Like it. Love it. Share it.
And do subscribe to my channel. Take care. See you soon. Yeah, baby!
And do subscribe to my channel. Take care. See you soon. Yeah, baby!
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