Just a quick note on contractors in terms of the late penaltys…I have always used and also recommend a per day late fee in contracts with contractors…this past spring I was helping an investor who had to charge it (for the first time)…the contractor was late for a lot of reasons…and when the contractor told his subs that he would have to start charging them the late fees, the subs walked out on the job and never came back…which put the investor either further behind.
Anyway the per day late penalty barely covered the investor’s costs and didn’t cover the aggravation or lost opportunity costs…so the lesson here is to make sure the per day late penalty is substantial enough that it makes a difference…even if you’ve used the contractor before and never had an issue…Chris P.