Our renovation process is also down to a science with handpicked and proven construction crews who know we are not retail clients. We pay wholesale prices to all contractors and typically get bulk discounts on all materials. Rehab budgets on our projects range anywhere from $5,000 on a rental property to $250,000 on a full rehab. Typical project time frames generally run from 3-6 months. Our goal is to turn around our projects at a rapid pace so we can get paid as quickly as possible and use those profits to immediately start on the next rehab. This ensures that we and our contractor teams have a steady supply of work. To ensure that our projects are done right and that buyers feel comfortable that the work was done correctly, we always pull permits. Permits protect both the contractor and us as the owner. If a contractor has a problem with that, then we won’t be working together.
Short-term Goals
Our short term goal is to aggressively expand the presence of our business in the local Pittsburgh market.
Long-term Goals
Our long term goal is to grow our operations into multiple target markets across the country in the coming years. What this means for you is we will create a growing stream of rehab projects for our contractors to work on long into the future, providing our affiliated contractors with a reliable source of projects for many years to come.
Investment & Redevelopment Strategy
Our business strategy—which has proven to be very successful for us—is to purchase undervalued 1-8 unit residential properties, renovate them to a highly desirable condition, and sell these properties directly to single-family home buyers or investors as quickly as possible after completion. To generate value, we focus on aggressive project management coupled with the use of highly skilled and professional independent contractors to complete our renovations. In addition, we employ proactive marketing tactics to pre-sell our properties during the rehab stage instead of waiting until the project is complete. This gives us a head start that often enables us to sell our properties before the paint has even dried on them. Successful execution of these strategies rely on the high quality of work performed by our contractors, which is why we put such a high premium on finding the best contractors in the area and then developing long-term, mutually beneficial win-win relationships.
Types of Contractors We’re Looking For
An ideal contracting partnership consists of four main components: a consistent work ethic, superior workmanship, maintained job sites, and a passion to achieve a high-quality finished product. We’re looking for professional contractors who have high standards, a team of reliable subcontractors who do quality work, and who have been in business for some time—with the track record and references to prove it. Here are some things we’re looking for in our contractors:
- Fully licensed with licenses up to date. Same with their subcontractors
- Insured—including worker’s comp, liability—with a minimum limit of $1 million
- Been in business in the area for at least three years
- Has a consistent crew of subcontractors
- Keeps work site clean and maintained
- Can provide a list of references, with current contact information
- Belongs to the Better Business Bureau or one of the national associations of builders or carpenters
- Provides written warranties of a year or more for their work
- Is structured as a corporation or LLC
- A reputable company with no history of lawsuits
- Has financial resources—able to float material cost until work is complete and ready for draw
Want to work with us?
Complete the Contractor Application Below and email it to us at info@bristolgroupllc.com