95 - Quit Getting Screwed with Karalynn Cromeens

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Manage episode 305194616 series 2954305
By Benali, Khalil Benalioulhaj, and Martin Holland. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.
  • 00:00 - Intro
  • 02:30 - Liens Don't Have to be One-Sided
  • 04:00 - If You Aren't Careful, You'll Fail
  • 05:30 - Different Clauses in Liens
  • 11:20 - Your Bid is Your ___
  • 13:00 - People That Don't Use Contracts
  • 15:00 - Expectations Document
  • 17:30 - Counselor, Not Lawyer
  • 21:30 - Realistic Litigation Fees
  • 24:30 - It's Worth the Investment
  • 25:50 - The Stigma of Lawyers
  • 26:30 - 'Reasonably Insured' - What it means
  • 33:00 - Cloud v. Paper
  • 36:00 - The Rules of Having a Partner
  • 40:00 - Being Employees vs Partners
  • 45:00 - Karalynn’s Advice on Liens
  • 47:00 - What Happens When A Lien is Filed Incorrectly
  • 51:00 - How Karalynn Got Started

Quotable Moments

  • “If you don’t know and you’re going in blind then you’re going to fail.” – Karalynn
  • “There’s a big misconception that if you’re terminated all you’re going to lose is the money that they owe you – if you walk away from a job and it costs them more to replace your scope than what you agreed to do, you’re on the hook for that difference because you promise to do this work for X amount of dollars and you didn’t.” – Karalynn
  • “The general contractor has the right to terminate you for no reason or any reason at all. It’s called a termination for convenience clause.” – Karalynn
  • “Know how to CYA – cover your ass as a general business practice. If something does happen, keep records or have systems so if you need something, it’s there.” – Karalynn
  • “If you don’t have certain agreements in your business, the underlying reason is you don’t really value your business.” – Martin
  • “Stay in your lane. You can grow your way out of it, but stay in your lane. And when you’re going to grow, let’s be intentional about it.” – Martin
  • “Even if you have a lien and it’s been a while, you have way more leverage than somebody who doesn’t.” – Karalynn
  • “Generally speaking, a voluntary lien is a security interest in a piece of property. You go to the bank and get a mortgage and take back a lien on your house – you’ll pay them back and you sign off on that.” – Karalynn
  • “To know about the industry, you really need to have spent some time in it right before you can really understand what to do.” – Karalynn
  • “I stay in my lane. I don’t do divorces. I don’t do wills. I stay here with what I’m good at.” – Karalynn

Resources

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140 episodes