How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home. - Page 2 - General Discussion - Contractor Talk

How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.

 
Thread Tools Search this Thread Display Modes
Old 02-23-2013, 01:27 PM   #21
Pro
 
KAP's Avatar
 
Trade: Custom
Join Date: Feb 2011
Posts: 12,315
Rewards Points: 40,192

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Post #3 and 100% upfront for any Change Orders before they are executed...
KAP is offline  

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

   

Advertisement

 

Old 02-24-2013, 10:50 PM   #22
Member
 
Fishhook's Avatar
 
Trade: General Carpentry
Join Date: Feb 2013
Location: East Bay,RI
Posts: 49
Rewards Points: 25

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


I believe My former employer subscribed to a credit-check agency and used the polk directory before making any moves on any project...just my 2 pennies.
Fishhook is offline  
Old 02-24-2013, 11:02 PM   #23
The Sheriff

 
Jaws's Avatar
 
Trade: Builder
Join Date: Dec 2010
Location: Texas
Posts: 25,254
Rewards Points: 16,146

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


You boys in cali need to rein in your state politicians . Id be a law breaking SOB if Texas passed a law saying I could only get a grand down on a six figure remodel. You can bet i would be at the capitol telling them that
__________________
"The sound of the saftey clicking off is the only warning your gonna get......., so cover your ears" Northeast Wyoming 2016

John
Jaws is online now  
The Following 2 Users Say Thank You to Jaws For This Useful Post:
Calidecks (02-25-2013), DaVinciRemodel (02-25-2013)
Sponsored Links
Advertisement
 
Old 02-24-2013, 11:20 PM   #24
Brownchickenbrowncow
 
elementbldrs's Avatar
 
Trade: General Building
Join Date: Sep 2010
Location: San Francisco, CA
Posts: 952
Rewards Points: 1,376

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


That's why we get lumber on the ground as soon as possible. That's when I'm waitin for my big check to get started.
__________________
Phil
elementbldrs is offline  
The Following User Says Thank You to elementbldrs For This Useful Post:
Jaws (02-24-2013)
Old 02-24-2013, 11:23 PM   #25
Fire up the BBQ
 
griz's Avatar
 
Trade: GC
Join Date: Nov 2009
Location: ex-calif
Posts: 23,366
Rewards Points: 2,450

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Quote:
Originally Posted by Jaws View Post
You boys in cali need to rein in your state politicians . Id be a law breaking SOB if Texas passed a law saying I could only get a grand down on a six figure remodel. You can bet i would be at the capitol telling them that
Get the pittance of a down....

Then provide a schedule of values that will coincide with the contract's payment schedule.
__________________
SOME JOBS JUST AREN'T WORTH DOING:
griz is online now  
The Following 2 Users Say Thank You to griz For This Useful Post:
CarpenterSFO (02-25-2013), Jaws (02-24-2013)
Old 02-25-2013, 01:43 AM   #26
Pro
 
CarpenterSFO's Avatar
 
Trade: GC
Join Date: Dec 2012
Location: CA
Posts: 7,076
Rewards Points: 2,044

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Quote:
Originally Posted by griz View Post
Get the pittance of a down....

Then provide a schedule of values that will coincide with the contract's payment schedule.
Yes. In CA your payment schedule basically should be your SOV (in my opinion), broken down to the level that you're comfortable carrying. Most contractors get in front some, though, and a significant number get way in front. Most contractors following the rules don't waste any time invoicing for materials once they're on the ground.

Sorry to get off the original topic. I'm interested in hearing what happened to the original poster and question.
__________________
- Bob
CarpenterSFO is offline  
Old 02-25-2013, 11:42 AM   #27
Kitchen Cabinets NJ
 
cabinetsnj's Avatar
 
Trade: Kitchen Cabinets
Join Date: Jun 2012
Location: New Jersey
Posts: 1,099
Rewards Points: 500

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Quote:
Originally Posted by naptown CR View Post
You could ask to have the cash escrow'd in an account. but will probably scare them away.
Best thing to do is to stay way ahead of them on the draw schedule and never ever write a draw schedule where you get paid when something is finished or completed always at the start of some task. (final completion excepted and make this draw very small)
That is excellent advice.
__________________
NJ Cabinet Outlet
cabinetsnj is offline  
Old 02-25-2013, 04:28 PM   #28
Registered User
 
shydog66's Avatar
 
Trade: builder
Join Date: Feb 2013
Posts: 2
Rewards Points: 10

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Quote:
Originally Posted by stexican View Post
They are paying for the project out of pocket, no loan involved. Obviously I need to know that they have enough to cover the $300K. Any suggestions? Do I just ask to see bank statements? Thanks
A contract doc in aia format complete set of contract shuold be enough
to protect both parties
shydog66 is offline  
Old 02-25-2013, 04:52 PM   #29
Pro
 
DaVinciRemodel's Avatar
 
Trade: Design/Build Remodeler
Join Date: Oct 2009
Location: Denver
Posts: 6,115
Rewards Points: 1,222

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Quote:
Originally Posted by CarpenterSFO View Post
I'm interested in hearing what happened to the original poster and question.
The OP is a “one-n-done”. The advice was too deep for him
__________________
I love what I do and I'm very good at it!

Da Vinci on the web or Da Vinci On Facebook
DaVinciRemodel is online now  
Old 02-25-2013, 05:00 PM   #30
Pro
 
CarpenterSFO's Avatar
 
Trade: GC
Join Date: Dec 2012
Location: CA
Posts: 7,076
Rewards Points: 2,044

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Looks that way.
__________________
- Bob
CarpenterSFO is offline  
Old 02-25-2013, 05:21 PM   #31
Registered User
 
stexican's Avatar
 
Trade: General
Join Date: Feb 2013
Posts: 2
Rewards Points: 10

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Thanks guys. My thought was that you need a credit check to get a cell phone, car, etc. those tend to run a fraction of the cost of a home. Obviously, in an ideal world, they say that they have the funds and I believe them. I am just trying to protect myself. I like the escrow acct. idea. I will also stay on top of my billing to minimize confusion and guessing games.
stexican is offline  
Old 02-25-2013, 05:59 PM   #32
Pro
 
madrina's Avatar
 
Trade: roofing and other envied trades
Join Date: Feb 2013
Location: dallas
Posts: 3,028
Rewards Points: 1,280

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Quote:
Originally Posted by stexican View Post
They are paying for the project out of pocket, no loan involved. Obviously I need to know that they have enough to cover the $300K. Any suggestions? Do I just ask to see bank statements? Thanks
I usually just show them my muscles. they get the point.
madrina is offline  
Old 02-25-2013, 06:56 PM   #33
Pro
 
mk5065's Avatar
 
Trade: home remodeling
Join Date: May 2009
Location: south jersey
Posts: 130
Rewards Points: 89

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


When you want to be shown a house from a realtor you get pre approved before hand. I don't see a problem with asking them for a large deposit. Then as previously stated you just stay ahead of the draws in your favor as much as you can.
__________________
There's alot more to it then just putting on a toolbelt
mk5065 is offline  
Old 02-25-2013, 07:46 PM   #34
Pro
 
madrina's Avatar
 
Trade: roofing and other envied trades
Join Date: Feb 2013
Location: dallas
Posts: 3,028
Rewards Points: 1,280

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Dude. Dont be afraid to ask for your money! dont ever just trust that things will be ok. cuz u will get chinga le'ed every time. i wont even order materials on a job until i have half down.. And most of my jobs are around 25 k.. But ive done 500k jobs too and i still get half down. remember this.. If u dont know who the sucker in the deal is... Its probably you. i learned that the hard way. make them put the money in a separate account where u need both parties to sign off on withdrawls.
madrina is offline  
Old 02-25-2013, 10:34 PM   #35
Pro
 
NYCB's Avatar
 
Trade: Concrete/Masonry
Join Date: Sep 2010
Location: Central NY
Posts: 2,115
Rewards Points: 1,448

Re: How Do I Kindly Verify That The Owner Has Enough Money To Fund A New Home.


Quote:
Originally Posted by CarpenterSFO View Post
Only $1K down on big remodels in CA.

Stay current, and if necessary invoice in smaller chunks - 10K rebar, 5K forms, 15K poured, etc., etc. I invoice in small amounts. It establishes a pattern of payment, and you get a very quick warning if money troubles loom.

What's your reason to be worried?
Holy crap, how do the small guys out there even survive?

I take a 50% deposit on every job, that is usually enough to line up material and pay my help.

Advertisement

NYCB is offline  


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Get any and all Columbia Forest Products at Home Depot if needed TBFGhost Carpentry 15 01-02-2013 09:31 PM
Creating targeted list? LeeFowler Marketing & Sales 21 11-26-2012 05:03 PM
Home Owner contract Snobnd Business 21 06-20-2012 09:34 PM
Trim Carpenter Wants More Money.... rdr8887 General Discussion 104 06-10-2012 03:47 PM
home owner demands weekend parking..... woodworkbykirk General Discussion 31 12-20-2010 07:21 PM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for
PROFESSIONAL CONTRACTORS ONLY!

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?