Subcontractors

Brad Barrett discusses subcontractors and various business contexts in a few clips.

1. Building a Trusted Team: Brad emphasizes the importance of building a reliable team of local service providers such as plumbers, electricians, and handymen. He suggests crowdsourcing recommendations through local communities to avoid the risk of hiring unreliable workers. This approach can be particularly beneficial for real estate investors looking to ensure consistent, high-quality service at reasonable prices 1.

2. PPP Loans and Independent Contractors: Travis Hornsby, a guest on Brad's podcast, explains the complexities small businesses face while applying for PPP loans, especially those that heavily rely on 1099 contractors. The Treasury Department's interpretation of the PPP rules creates challenges, forcing many independent contractors to manage their applications and potentially face layoffs due to non-inclusion in payroll calculations 2.

3. Differences in Subcontracting: Paula Pant highlights the role of subcontractors in property management, particularly general contractors for major projects and handymen for minor repairs. She stresses that investors should seek contractors who specialize in working with investment properties rather than those who typically serve owner-occupants 3.

   Building Trusted Teams

   Brad Barrett

   Jonathan Mendosa

   Jonathan emphasizes the power of building a trusted team for various services, advocating for sharing reliable professionals within local communities. Brad supports the idea of crowdsourcing resources and contractors within financially independent groups, highlighting the benefits of collective vetting and recommendations.

   

   ChooseFI

   091R | Real Estate Inside an IRA

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4. Hot Tub Rental as a Side Hustle: Brad explores the concept of subcontracting in the context of starting a rental business. He discusses the feasibility of hiring subcontractors to manage operations like hot tub rentals, indicating it as a potential side hustle that can be profitable with a minimal time commitment if managed correctly 4.

These discussions can provide valuable insights, especially if you’re building a team or managing subcontractors in various fields.