Be careful giving deposits. #realestate #realestateinvesting #investment #money #realestateagent

2 Aug 2023 · 0 min

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0:23

Short YouTube advice clip by Steve D Valentine about cautious deposit practices with contractors. He recommends giving only a 25% initial deposit, then another 25% after a meaningful portion of work is completed, and ensuring contractors never hold more than 50% of the contract value during the project until it is nearly finished and the remaining 50% is due.

Questions this video answers

25%.

50%.

Be real cautious when you're using new contractors with how they handle deposits. So we handle deposits. Now, we've worked with our guys for a long time, but we will only give a 25% deposit until a certain amount of work is done. Then we'll do another 25%. But they will never have more than 50% of the money owed to them during the project until it's very close to being done and the other 50% is due.