@blocktrades if you really want to get cheap and good developers, you can start by looking at outsourced engineers. You can find great developers willing to work full time and commit by a fraction of that. Look at developers from India, Brazil, maybe Rusia. If you want to save even more ask for help on Github, many people will be happy to commit, maybe not full time, but any help is help.
Of course, this is a suggestion if you want to get the best for the least amount of work. You can great a team of great engineers and developers from countries with lower salaries for a whole year with that cash...
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From my experience great developer and cheap don't really go together. I have made the error of outsourcing to cheap devs from the countries you mentioned a few times before and more often than not it resulted in me having to rewrite a lot if not all of their work because it was so poorly done.
@howo did you hire them full time or just to delivery something? I live in Brazil and there are great companies with great devs, if good developers didn't exist here don't you think the software industry would be non existent? you sound like you hire someone to do one job, not to be part of the team, 100k USD is almost 400k in local Brazilian currency. that is a budget of 33k a month in local currency, enough for 1 senior software engineer (15k), 2 good devs(5k) and maybe a few trainees with some experience , you can easily get a team compatible with the agile methodology (around 5 people with hierarchy for the project) for 1 year.
Of course numbers are not everything, but I am curious how many people did they get for that price and what will they delivery in just two months.