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Old 06-25-2008, 01:16 AM
 
Location: Henderson, NV
207 posts, read 866,585 times
Reputation: 106

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So I am about to put in an offer on a house that needs some rehab loving. I'm fishing for contractor recommendations, hopefully someone well versed in home rehab in bathrooms, roofing, and window work. I'll be using the FHA 203K program which will finance the work so anyone with any advice about that process is also most appreciated.

Thanks in advance for any help.
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Old 06-25-2008, 01:29 AM
 
Location: Las Vegas, Nevada
12,686 posts, read 34,107,123 times
Reputation: 5477
I can't recommend a specific contractor, but I'd think that right now is the perfect time to find a good one willing to make some money. During the boom they didn't want to be bothered, now they are hurting for work.
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Old 06-25-2008, 02:00 AM
 
Location: Henderson, NV
207 posts, read 866,585 times
Reputation: 106
That's essentially what I am hoping for. Between the price being right for the property and what I expect to be competitive bidding for the contract I hope to make out alright.
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Old 06-25-2008, 11:05 AM
 
9,124 posts, read 34,432,846 times
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Bear in mind that even in slower times, quality contractors are rarely "hurting for work"- the guys who are going to drop their drawers to get your job aren't the top-notch contractors. Throw in the 203K program requirements, and you'll see the quality level drop off even faster- the guys who do the work in that program are generally toward the bottom of the barrel, as it's usually the less desirable work.
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Old 06-25-2008, 11:14 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 35,660,418 times
Reputation: 2661
Quote:
Originally Posted by BobKovacs View Post
Bear in mind that even in slower times, quality contractors are rarely "hurting for work"- the guys who are going to drop their drawers to get your job aren't the top-notch contractors. Throw in the 203K program requirements, and you'll see the quality level drop off even faster- the guys who do the work in that program are generally toward the bottom of the barrel, as it's usually the less desirable work.
Actually not true this time. The financing stuff has made it tough on even the good guys. One local who builds custom and does high level refurb is down from his normal two crews and 6 or 8 jobs to one crew and making do barely. The big problem is that even the well off have trouble financing.
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Old 06-25-2008, 02:16 PM
 
Location: Issaquah, WA
818 posts, read 3,523,886 times
Reputation: 257
Make sure to verify any contractor with the Nevada State Contractor's Board website. It will list any complaints against their license as well as the limits to their liability insurance.
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Old 06-25-2008, 04:12 PM
 
Location: Houston, Texas
10,434 posts, read 47,292,824 times
Reputation: 10523
Bob and Olecapt are mostly right on their thoughts on quality contractors during good or hard times.

First let me say the 203K is an awesome vehicle to rehab a home without having to lay out the money and in the end it all rolls into one loan. I personally have successfully completed 4 of them. None in LV but dont let that scare you. It is a great program anyplace.

The 203K does not give up front money to any contractor you hire. You know any contractor wants at least 50% down to buy materials. There are are a few exceptions like very costly projects. Kitchens, HVAC units, and maybe baths on a special request form only.

The simple fact that the contractor can not get up front money will scare away a lot of lousy contractors because lousy ones have no working capital to work with. The better contractors do have money but also fear working with any govt agency. Also the 10% hold back for 30 days after the project is complete will scare away many contractors.

There are many contractors hurting for work right now. Good ones and bad ones. Unlicensed ones and licensed ones. FHA will require licensing for your contractors that you select if applicable so this will avoid the south of the borders bidding $5000 on an obvious $10,000 job.

The fact that everyone is slow now could get you more attention. When contractors are busy they have no time for small jobs like some one said. During slow times they take anything.

If you are in need of the best of the best I can make some recomendations to you. I know most of the flunkies in Vegas, they are plentyful. Many can be spotted driving those very old Toyota pickups which are almost falling apart doing 45 MPH on the highway. I also know some of the elite in specific trades who are not and refuse to be licensed. Licensed means nothing. It means you pass a written test and pay a fee. A big giant fee.

Oh...if you choose to do any work yourself, you can not be paid by those FHA203K monies for your labor. You can however take the money you saved (by not paying others) and buy even more goodies to improve the home even more.

Your home will be appraised on the anticapated completed value. What an awesome program.

Good luck.
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Old 06-25-2008, 07:37 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 35,660,418 times
Reputation: 2661
Quote:
Originally Posted by redwhale View Post
So I am about to put in an offer on a house that needs some rehab loving. I'm fishing for contractor recommendations, hopefully someone well versed in home rehab in bathrooms, roofing, and window work. I'll be using the FHA 203K program which will finance the work so anyone with any advice about that process is also most appreciated.

Thanks in advance for any help.
Try Bill McDaniel. He is outside fixing a problem with my ceiling in the hall where some turkey stuck his foot through the ceiling. We won't name names because it would hurt.

Bill is on the FHA approved list and fixes most anything. Wears white coveralls so he can't be all bad.

Bill McDaniels 702 521 3935..Just tell him Jim Donohue sent you
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