Solving the Investor/Contractor Relationship with Jeff Thorman of HomeRenovisionDIY | BP Podcast 399
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- Опубликовано: 9 сен 2020
- www.biggerpockets.com/show399
Today we’re swerving a bit from tradition to bring you a guest who is not a real estate investor. Jeff Thorman spent years as a general contractor, built his own company, then started his own RUclips channel, HomeRenovisionDIY, to teach people how to renovate their own homes.
Learn from his years of experience renovating in this episode. Jeff brings us incredible tips on building strong relationships with contractors - from inquiry to project close. We discuss the importance of using quality materials in any project. We even dive into some projects you should absolutely be able to do-it-yourself as an investor. As a real estate investor, you will have to complete renovation projects at some point - use this episode to make sure those projects are seamless and successful!
Check the full show notes here: www.biggerpockets.com/show399
I've never clicked on a podcast sooo fast in my life!!!
LOL, Cheers Mike, I hope it was helpful!
@@HomeRenoVisionDIY Cheers to you as well. I dont think you ever made a non-helpful video. Keep being awesome Jeff
Facts
Open concept - maybe good for a rehab rental but I hate living in one. I hate trying to watch tv while someone is in the kitchen and you can’t hear or have multiple conversations. I think the open concept is way over-rated.
I swear, I did the same.
The true crossover we was all waiting for.
Were*
First off - Jeff is the man. Second, has anyone noticed there has been some heavy editing that cuts off the guests in a lot of the more recent BP interviews? Let the guests spill their tidbits, they are what makes BP so great!
OH MY GOSH. I am a happy camper. Both of my favorite RUclips channels together. I haven't even watched yet but I'm so excited. Lol I just know its going to be amazing
Cheers Jill, I hope we didn't disappoint!
Never could!
Great video! We rehab 75 houses a year and treating contractors well and communicating with them is key!
Jeff talked about going to the supplier to get 70% off windows and siding materials etc, and not at the big box (home depot stores) where do you guys go?
I watch every episode of Jeff’s. He is awesome
Cheers Michel!
Same here!
Whoa this is so crazy! Just started binge watching Jeff's videos literally like two weeks ago. Now he's on the other show I have binged watched the past several years. Crazy.
Cheers Joey, really had fun working with these guys on this episode!
@@HomeRenoVisionDIY I also subscribed to your channel! :) Thanks for sharing your knowledge 🙏
Been following #BiggerPockets for a month, but have been watching Jeff for about a year. He's the shiznit !!
Jeff is my favorite contractor on RUclips! He does such a good job. I wish he lived in my area I'd hiring him for ALL of my flips!!
Cheers Scott!
I’m both an investor and a contractor (remodeling business owner). The REAL ANSWER is this: see below
THE REAL ANSWER: Investors should seek low-priced but highly qualified contractors. (Hard to find. They usually don’t advertise.) Contractors who wanna succeed, should weed out new leads/callers, and avoid cheap people or “investors”
Contractors who wanna succeed, should deal with high-end, rich, upscale clientele who earn 6-figure salaries and want to hire reputable, licensed, good businesses which have high quality work and good personalities. Avoid cheap ones like the plague
Note: This is why you should record all calls and have a system in place to ask questions regarding their goals, their scope, etc. After 2-3 years in business you’ll start to notice “patterns”: Cheap people always say, do & ask certain things
Definitely added to my top fav BP interviews. Could not have come at a better time as I study for my gc exam. Jeff is the man, I love his channel
On having flipping integrity - we purchased a flipped home and the lack of care taken in the work done in this house is the reason I ever found Jeff (small silver lining)! :) My current experience truly makes me want to call out the "company" that completed the work b/c the finishing leaves me to worry about where else they cut corners.
I was a GC for over 25 years...and I learned so much from this video that I'm going to have to watch it again, and again. Nice job!
I've listened to this episode a multiple times now and I still get new take aways each time. This is one of the best episodes ever, hands down.
I listened to the podcast then sat down and watched this. Jeff’s tutorials got me to redo all my work right and my rental is now amazing! I’m also unfortunately in demand from family to do drywall work because I got real good after watching his tutorials so much!
Awesome 🙂
THIS IS GOLD, I watch this guy all the time, so glad he did the show, we need a part two, im sure he has alot more jewels
I love Jeff!! My husband and I watch his videos all the time!! He's a wealth of information!!
Thank you Sabrina, Cheers!
I've had to rewatch 4 times to retain all this great info!
Love both channels. Jeff is no nonsense but funny. His videos r so helpful. Great to see them all together.
You cannot imagine my excitement I had seeing two of my favorite channels that I watch in the same video!! Its the best crossover in 2020!
Jeff has one of the best demeanor, simple humor, and efficient demos on the internet.
I have a problem with flip houses, because ever person that has called me to do the work. Has asked me to do the complete opposite of what my business has made a foundation on (service and quality). I was asked to work in a house to do it as cheap as possible spend no more that $200. for all the work and charge no more that $300 labor that should have cost $1600 to do the punch list correctly.
I love HomeRenovision! This was maybe the best BP Podcast ever.
Cheers Amy, I had a lot of fun doing it.
Interview him again for more information. Lol so much great stuff that I wish could have been expanded on or explained.
The value of this episode cannot be understated. So good.
My favorite RUclips shows together in one show. I have learned so much from Jeff T and from the Bigger Pockets family. I am a 73 year old property manager and do rehabs…. You guys ROCK 👏
Thanks for having Jeff on. I love his RUclips channel.
Cheers Matthew!
This is one of the best podcasts! Love this guy been a subscriber of his for a few months now since I bought my rental. Please have him on again.
I am down with that idea. Cheers!
This has been the best thing I’ve watched all year! Jeff is awesome. The honesty, the knowledge, the humor!
Love Jeff and his videos! Love to see the collaboration!
I really enjoyed this experience as well. Cheers Logan!
Two G.O.A.Ts in one video 💪🏽
LOL, Cheers Tiffany!
This was an incredible show! Thanks so much!
2 of my favorite things.....Jeff from DIY & Bigger Pockets!
Cheers Raymond!
Thank you for having Jeff on BiggerPockets. I've been following him for a long time. I've learn a lot from him because he knows his stuff!!!
Is Brandon man crushin on Jeff? And are Jeff and green related? Lookin like bros. Awesome vid guys. I liked it twice!
I tiled my own tub surround.
Thanks to Jeff. Haha!
Really hood stuff! As a beginner in the Tampa Florida market I can say that it has made me much more confident working with the contractor I recently found while Al ost being scammed previously. Thank you for this valuable information!🙏🏽 BP PRO MEMBER
He specializing in GREAT CONTENT‼️ Soooo elated to see him on here. Does excellent work.
All Star blockbuster love you guys. Love Jeff’s amazon tool list. Used his techniques on installing my first awning window two weeks ago based on Jeff’s video and Mike Haduck Masonry.
Literally was watching Jeff and bigger pockets when I was starting to get into this at the same time and you give me this!! Awesome!!
I renovated the first floor of my home through Jeff's videos. Dude is legit.
Cheers Mikie, well done!
My contractor is CRITICAL to my investing success - great podcast! Thank you
You will be great. failure only happens if you quit!
Jeff is a genius! I’ve learned a ton from him for quick quality DIY of all sorts.
Cheers Matt, happy to share what I have learned!
Couldn't ask for a better collaboration love the video
Love Jeff! Home renovision might be my most watched channel.
Best real estate investor interview bar far. So much great info! Thank you
Jeff is the best - was surprised to see this! Awesome
My two favorite podcasts in one! Thank you gentlemen!
Great insight to the other side of this business, really appreciate the POV
Awesome you guys reached out to Jeff he is awesome to watch to learn house building and renovating stuff man I can't wait to get going in all this stuff!!!
Love Jeff. I built the exact shed that he did in one of his episodes. A great craftsman.
Cheers Ryan, well done!
wow this is amazing.. this is like a super heroes metting in one video
😆
I needed to hear this today! So much value in this video. Thanks.
Love it. Subscribed to your DIY channel, even though I'm a tiny lady not doing anything with house building/renovating. - yet... I'm fascinated by it all so I will have to take the plunge at some point.
Awesome podcast again!
So excited to see both of these channels together
If I don’t know it..I always watch Jeff “A” 😄
LOL, Nice one, Cheers Nicassa!
Jeff is the man! I love his Channel!
Cheers Alex!
Amazing informational session. Great questions and I love to learn anything from Jeff Thorman. He has wonderful videos.
I love this guys! Great guest!
These people taught me real estate and dry wall tape! Love this!
As a GC, Amen Amen Amen on those statements. I definitely make more money from other business avenues than relying on the Construction side of it.
Would you like to elaborate brother?
Does anybody have a link to the floating engineered hardwood plank flooring Jeff was referring to @41:00?
I loved this podcast!! 🤗♥️
This one is gold!! Rewatching.
This is an awesome and informative video!!
I was waiting to see this guy on the show, I'm a huge fan of both channels, definitly the best show in a very long time
Thanks, I had a lot of fun doing it! Cheers to Brandon and David!
Jeff is so cool and down to Earth! 😀 This is really interesting!
Two of my favorite channels have come together!
The universe is in harmony!
We own a handyman business and I would want to flip a house for a profit. We work in many different Area's. Property management companies,
Air B & B, people who have had awesome remodeling idea's that have neverbeen done. We don't have a lot of credit or money just starting out so something like that would be a dream come true. We seriously can build a house. We do plumbing and electric, flooring, tile, paint, cabinets, Shelving, landscaping, shiplap, roofing, cabinetry, Gutters, etc. We totally love what we do for now and do a wonderful job and wish we could find investors and people who would actually not take us for granted. We're kind and suck at pricing.
⁹And always go above and beyond helping hang pictures and cleaning up even things that are not our mess. We as being almost the contractors adjust to what the investor needs if they want cheap and fast that's what we will do if they want quality quality and good work that's what we do. I think all investors and general contractors should listened to this Podcast Thank you for sharing
As a remodel contractor it blows my mind that a client would expect me to foot the bill for the material that is going to be installed in their home. My money is my money and it needs to remain liquid to work for me. Some trades like tile setters work with tile suppliers to get discounts so they can make a few bucks on the material. How arrogant can client be to expect their discount? Don't they realize that if they squeeze the contractor on a material discount that he will have to charge you more for labor? Why should the tile setter warranty a brand that doesn't stand behind him? I agree... it's hard to find a good contractor. There is a shortage in the labor force and the guys who are worth anything are always going to be busy and charging top dollar. The problem is that investors are cheap. They want champagne on a beer budget and it has to be done NOW. For those reasons I will not waste my time with investors.
I agree with you. I am both a remodeling business owner AND ALSO a real estate investor (I own 3 rental townhomes). I made $1.2 mil last year, (240,000 profit after all expenses), and I don’t mess with “investors”. They’re bad for business
Now don’t get me wrong! I respect investors and I support the hustle, as I hustle myself. BUT, I don’t give them “investor discounts”, I always get 1/3 down, and I do NOT edit my contract, which was written by a construction law firm, intended to make a fair contract to both sides. If they start wanting to “make redline edits”, I tell them sorry look it’s not gonna work out. We don’t want to have a headache project. We operate a smooth system and we want clients who respect our system
So , how do we get wholesale prices , guessing we have to get a contractors license ? Or just setup a account with the companies
I love a Jeff Thorman! This is great!!
This was a really great interview! Really informative
This was a very informational and inspiring video. I just discovered you guys and will subscribe because of this video.
WOA! What's up with David G's shirt today? Looking snazzy!
This was excellent! Thanks guys.
Thank you for sharing 🙌👍🙏
Jeff's the man, I've learned a lot from him.
Cheers Clayton! Your the man!
Great video! I love watching Jeff's videos.
Cheers!
So much gold in this!!
My question/problem is to find another qualified person to work with. I am flooded with work, but turning away clients on a daily bases. I cant find other qualifies handyman/contractors to refer those clients too?
what biggerpockets and canadian dad together this is awesome
Had a lot of fun. Cheers again to the team at bigger pockets!
Wow I don't watched this videos 😕. I follow this guy too 👏👏👏👏 he's a great professional person 👏 👍.
Where do we find these amazing discounts on materials???
haha wow, I always watch his how-to videos to work on my rentals lol
Thank you so much! This was very informative.
This is a great one!
This is a great episode!
It's fun to see two channels I follow collab!
My husband on my favorite podcast. This is awesome.
LOL. Cheers!
Awe man i love the renovision guy!
My wife and I painted our first home gray. 1890s home where I learned how to do it all. Now her new saying is “walls should be white”
I was wondering where to find all metal plumbing fixtures.
Finally! The collab video
Cheers Ken!
Amazing Jeff .
This is great.
Epic episode! 👍
this was awesome!
Great info!
50:06 absolute gold