Subcontractors

Sources:

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 Your Team

    Jonathan and Brad discuss the importance of building a trusted team of professionals in different areas of life. They suggest crowdsourcing recommendations from a community of financially independent people to expand your reach and get the best service at reasonable prices.

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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.

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