Welcome to episode 25 of the Park Street Partners’ Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson. In today’s episode, Jefferson and Brad talk about a necessary but not always pleasant topic: how to hire and work with contractors. Whether you have a clean park and just own the land or you own any mobile homes, you’re bound to deal with contractors sooner or later. Listen in to find out how to navigate conflicts that may arise, mitigate losses, get contractors to perform, manage their expectations, and to deliver on time/on budget.
Key Takeaways:
[2:32] Discover tips and resources on finding the contractor for your newly purchased Mobile Home Park.
[6:39] What are the next steps after finding/hiring a contractor?
[8:20] Do pay the contractor upfront for all the material. Do pay them after the job is done for the labor. Do NOT pay them for the tools they should already have for the job.
[10:50] How exactly do you pay for the materials when you’re living thousands of miles away from your mobile home park?
[13:07] Find out why it’s beneficial to get a general contractor to get the bids from subcontractors.
[16:15] Problems that pop up with independent contractors and how to manage their expectations upfront.
[22:17] You can get workers comp on an independent contractor.
[23:20] Jefferson shares a story about one of the best contractors he’s ever had. Listen in to find out what things to look for in a good contractor.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners - Investment Opportunities
Park Street Partners - Resources
Mobile Home Park Investors Group on LinkedIn
Email your deals to: deals@parkstreetpartners.net