SECTION 7: QUIZ

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Question 1 of 15

1. Question
Why is advisable to use a General Contractor on your first flips?
- Because they will oversee scheduling with all the appropriate subcontractors
- Because they know your Scope of Work and the order of operations to follow to make it efficient
- Because they are a single point of contact for payments and project management
- All of the above
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Question 2 of 15

2. Question
Why would it be beneficial to use an itemized bid from a General Contractor instead of a Lump Sum bid?
- It's not; it's better to just have one lump sum so we just know the cost.
- So we can see and learn what the general cost of items and are
- The general contractor won't show us an itemized bid so we don't know the markups
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Question 3 of 15

3. Question
TRUE OR FALSE: It’s not worth it to pay for a General Contract on our first flips when we can just hire it all out ourselves
- TRUE – The project will probably go just the same without the oversight and cost of an investor-friendly GC
- FALSE – We are paying a premium for the education, exposure to project management, and efficiency of experience
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Question 4 of 15

4. Question
What does ROC stand for?
- Registration of Construction
- Registrar of Contractors
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Question 5 of 15

5. Question
What is a tradesmen?
- A specialized subcontractor like a plumber, electrician or roofer
- A contractor who trades their license with other contractors
- A specialized subcontractor who only works by themselves
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Question 6 of 15

6. Question
TRUE OR FALSE: A handyman can be a wonderful resource for your flipping business and projects.
- TRUE – A handyman is a great resource for some finish, punch, general and inspection items
- FALSE – Any type of repair needs to be done by a fully licensed contracting team
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Question 7 of 15

7. Question
TRUE OR FALSE: There is only one right, legal and professional way to run renovation projects
- TRUE – Every rehabber and flipper needs to run their rehabs the exact same way to be considered a professional
- FALSE – Investors can approach their renovation and rehabs teams in different ways that work best for them
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Question 8 of 15

8. Question
When doing a walk through on a potential project:
- Just go in each room and write down what jumps out out at you that obviously needs to be done
- Just let the contractor decide what needs to be done and tell them your budget
- Use a walkthrough sheet on every project to account for all the details
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Question 9 of 15

9. Question
What documents need to be signed with contractors?
- Independent Contractor Agreement, W-9, Lien Waiver
- Independent Contractor Agreement, W-2, Warranty Deed
- Independent Contractor Agreement, W-9, Credit Card Authorization
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Question 10 of 15

10. Question
When it comes to payment schedules, which is TRUE?
- There is only one set legal way to ever pay contractors
- The draw schedule depends on what both parties have agreed upon in writing
- You should pay 50% upfront when in doubt so the contractor knows you're a serious investor
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Question 11 of 15

11. Question
Which of these statements is TRUE when it comes to paying contractors?
- You should pay contractors before the work is done and in large lump sums
- Every company and contractor will be the same and you should never waiver or change your draw schedule the more you work with them
- It's normal to provide some upfront funds and draws as work is done, but keep a motivating amount until the end
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Question 12 of 15

12. Question
Which of the following ways are useful for cutting down on project days? (select all that apply)
- Get measurements before closing on the property
- Order all the materials when you are in the inspection phase of buying the property
- Have as much scheduling as possible set up before closing
- Have a dumpster ready at the property as soon as the property closes
- Have utilities on and keys in lockbox ready for the contractors
- Call every contractor and ask them how they plan to do their repairs before they start work
- Have the schedule posted inside
- Have something being done on the property every day possible
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Question 13 of 15

13. Question
What is the general order of operations for a renovation?
- Planning —-> Framing —> Rough Work
- Planning —> Hiring Contractors —> Finish work
- Planning/permitting —> Rough work —> Finish work
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Question 14 of 15

14. Question
What are the FOUR rehab rules to remember?
- Stay off the jobsites until Friday so you're not in the way
- It will cost more than you expect
- It will take longer than you think
- All contractors need to start at 7am no matter what
- Visit jobsites often
- If a contractor isn't working out, fire them
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Question 15 of 15

15. Question
What is to blame sometimes for nightmare contractor experiences?
- Owners not vetting for the right people, not firing them when necessary, giving too much money upfront
- Contractors in general are bad people and should never be trusted under any circumstances
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