If you don’t have construction or renovation experience yourself, hiring a professional general contractor for your BRRRR projects can be a game-changer. As Peter Drucker, the legendary management consultant and educator, said in his advice to entrepreneurs, “Do what you do best and outsource the rest.” Construction and renovation are definitely things you can outsource! According to Associated General Contractors of America, an industry association for the construction industry, the industry has approximately 680,000 employers and over 7 million employees.
Now I know what you’re thinking: There are countless people with trucks and a pair of overalls that call themselves contractors…how do you find a trustworthy general contractor that can make a positive difference in your business?
This is a valid question considering that the Federal Trade Commission stated that Americans lose about $1.4 billion to contractor fraud and scams annually. Additionally, Home Advisor cited that poor workmanship is the #1 fear of those hiring general contractors. Despite these realities, doing simple, practical due diligence can often save you from the kind of nightmare experiences I had early on in my investing career.