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Construction Budgeting Rehab 101: A 3-Step Framework for Real Estate Investors
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If you’ve ever underestimated construction costs, you know how quickly a deal can go from promising to problematic. In today’s episode, we’re diving into construction budgeting—a skill every real estate investor needs to master to ensure accurate deal analysis and successful projects.
Palak offers us three key steps to help formulate a framework for estimating, solidifying, and signing off on a construction budget. But the first thing to do is to show up as a legitimate investor, because just as investors are vetting their building contractors, so too are contractors vetting their investors!
So do your research and come prepared! Part of that preparation is provided for you in this awesome episode that will show you how to analyze your deals properly, and finish your project on budget – and on time!
Learn how to add a contingency percentage to your estimate, and tighten up your numbers at the due diligence phase of your project.
There’s also stellar insight on how to see your contractors as your creators as you troubleshoot together before the real building begins. It's time to roll up your sleeves with The Wealth Blueprint! Managing a good construction team has never been easier! Please join us.
"Create that investor brand... You want to show up as a legitimate investor. Not someone who's kicking the tires... Educate yourself, build those skills up, you want to make sure you show up as an investor who means business." ~ Palak Shah
In This Episode:
00:00 Intro
01:00 Does understanding construction need to be part of your skill set for real estate investment?
02:05 Are YOU implementing the BRRRR strategy NOW?
03:20 Beware! Underestimating construction costs and resources
05:05 Why contractors are also vetting new investors
06:58 Three key steps to budget your construction well
08:30 Adding a contingency to your estimate
09:50 Getting into the due diligence phase (tightening your numbers)
10:24 What to do with your contractor as you finalize your budget
12:48 Why money (and success) loves speed!
Resources:
- Get a copy of Accelerate Your Real Estate - https://a.co/d/bdW6j7K
- Book a call - http://www.openspaceswomen.com/bookacall
- FREE 5-Day Real Estate Investor Accelerator - https://www.openspaceswomen.com/5day
Connect with Palak and Niti
- Website: https://www.openspaceswomen.com/
- Instagram: https://www.instagram.com/openspaceswomen/
https://www.instagram.com/openspacesacademy/
- Facebook: https://www.facebook.com/openspaceswomen
- LinkedIn: https://www.linkedin.com/company/openspacescapital/
- YouTube: https://youtube.com/@openspaces1251
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