Sign Oklahoma Electrical Services Contract Now

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[Music] I did everything myself in here that is not how'd he do the business and that right there is a house that I have already flipped as well and I already know that I can flip this house to a buyer on my buyers list as I got a strong buyers list in this area hey what's up guys john cochran here and today is system saturday the day that i bring you a system that i use in my business that you can rip off duplicate using your own local market now on today system saturday what i'm gonna do is i'm going to show you the number one document that a contractor contractors have to sign it is absolutely mandatory so I'm standing right here into a property that we just got done rehabbing we've got this thing on the market we already have this thing sold and this thing took about six weeks to go out there and create or to do just like this and here's what's very interesting I'm gonna show I'm gonna tell you guys a horror story but there is about twelve different contractors that actually perform the work and this property from the people that did the landscaping to the siding to the roofers to the flooring to the cabinet people you know they're the painters the people that did the trim there's twelve different contractors that we actually had on this job in order to make this thing totally done the way that you see it right now now contractors let's talk about this because not always will contractors always work out for you okay so sometimes you're gonna have to fire contractors and you have to do this in a very very respectful way about it was about ten years ago I had a a real estate project that I was working on and you know the contractor he just wasn't showing up I know it's it's strange right he just wasn't showing up to the job I was hiring the lowest of the low I couldn't couldn't ever get him to the job well what did I ended up doing I fired him I had to fire him so that I could bring other contractors in to perform the job it's something that hopefully you never have to do as a real estate investor but it's also something that is must needed to do in a lot of different jobs just so that you can actually get the job done to where it looks like this so I fired the contractor and then I go and try to sell this house and what happened was as soon as I go to sell this house I put the for sale sign right out into the yard and I saw on the front door I saw that there was a paper on the front door I go and I read the paper and it was a mechanic's lien that that contractor had filed on that property because he got mad because I fired him now what ended up happening was it took me two years I wasn't able to sell the property it took me two years to get out of the litigation to where the mechanic's lien was not on that property anymore and I could sell the property so that really really hurt me a thirty thousand dollar profit ended up turning into a zero profit because this guy put a mechanic's lien onto my property so what do we do now every single contractor that we pay on to a job they they sign a final and unconditional waiver of lien to where they're waiving their right to put a lien on to this property now I'm gonna give this to you here in a second now every single contractor that you pay needs to sign this document and basically what this is is it's it's basically saying that they have paid for all the materials they've have paid for you know all the labor the insulation they've paid for all of that stuff and they're signing this basically saying that they cannot put a lien on to this property anymore now this this paper does not mean that they cannot put a lien that they cannot file a lien on to this paper be on to this property because they can they could still file a lien on to this property if they chose but when I get this thing signed I'm just going to send this in if they do put a mechanic's lien on this there's just absolutely no way that is going to go anywhere and they're just gonna release that mechanic's lien immediately so here's what you do when you pay your contractors and again you give every single contractor that you stroke a check to every single contractor needs to sign a lien waiver in exchange for their check so you go out there and you sign to check you go out there and you give them this lien waiver they sign this and in exchange for their this lien waiver they actually get the check this is very very important I highly advise that you use this on every single one of your deals that you're rehabbing so that you never get into the situation to where you know you make a contract or mad they get something up their sleeve or whatever and then they go out there and they file mechanic's lien this is a rare situation but you guys got to be protected on every single one of your deals because if you are not it could cost you years and you're not going to be able to sell this property and on some properties it is it is big enough to go out there and bankrupt you and all you got to do is get this thing signed so what I'm gonna do is I'm going to give you our lien waiver so all you have to do is go - I need that document com so go down - I need that document calm you'll be able to download our lien waiver and you have every single contractor that you pay on to a job make sure that they sign this and you will be good and they will not be able to put them mechanic's lien onto your property but obviously do the right thing if you have to fire somebody or whatnot pay them for the job that they actually did perform not all of it if they didn't do it but make sure that you are very respectful with this but have them sign this go - I need that document calm and I'll see you on the next system Saturday see you guys [Music]