Renovation contract mistakes: Planning tips for rental property investors

In this video, we discuss how the scope of work document can protect new real estate investors from surprises and conflicts. We chat again with home inspector and contractor Curtis Niles of Armor Home Inspections (https://armoredhomeinspections.com/) to highlight the value of a clear written contract. You can watch Part 1 here: https://youtu.be/tNbRmLU6yX0 You can also find Armor home Inspections on Facebook at https://www.facebook.com/ArmoredHI/ Key moments in the video 1:52: Lack of detail in the requirements given to GC 4:12: At what point should contractor be paid 6:23: The importance of the written contract 7:40: The mistake of getting the wrong contractor 9:40: How much does GC outsource to subcontractors 12:00: Contractors who ask for a lot of money upfront 15:03: Having a good renovation experience as a new investor DOWNLOAD THE ULTIMATE REAL ESTATE INVESTOR'S READINESS CHECKLIST 📓Ask yourself the right questions early to avoid making 5- or 6-Figure mistakes while building your rental property portfolio: https://dwoodsrealestate.com/21-questions-investors/ SIGN UP FOR AN UPCOMING NEW INVESTOR WORKSHOP 👩🏽‍🏫This is for busy professionals who want to buy their first rental property without worrying about getting stuck in a deal that will leave them broke: https://dwoodsrealestate.com/new-investor-workshop/ Let's chat about buying, selling, or managing Philadelphia real estate: 👉Call us: (610) 872-7926 Email: veronica@dwoodsrealestate.com 📆 New Investor Discovery Call: https://calendly.com/veronica-dwre/discovery-call 📆 Rental Income Strategy Session: https://dwoodsrealestate.com/pm-strategy/ 📆 Seller Consultation: https://dwoodsrealestate.com/home-seller-strategy-session Must watch playlists: 🏘️Check out our investor playlist: https://rebrand.ly/newinvestors 💲Check out our seller playlist: https://rebrand.ly/Phillyhomeowners Get More tips: 📨If you want to get more real estate wisdom beyond the videos, sign up for my email list (sent 2x a month): https://dwoodsrealestate.com/subscribe ABOUT VERONICA I am proud to work with my dad, Daniel Woods, and continue the legacy of Daniel Woods Real Estate, where we have been advising clients in the Philadelphia area since 1987. I am a natural connector who loves matching buyers and sellers, foodies with restaurants, and those in need of professional/career introductions. My passion is to help more people use real estate to create wealth, build a legacy, and design the lifestyle of their dreams. LET’S STAY CONNECTED ACROSS SOCIAL MEDIA http://dwoodsrealestate.com/letsconnect Veronica Woods Daniel Woods Real Estate PA License SB065736 #realestatemarketupdate #realestateinvesting #philadelphiarealestate #delawarecounty