Secret Construction Tool!!!
Two great questions today!! Is there a piece of software out there to help figure out construction numbers? AND How do you stay motivated in this business?
There is no holy grail to figuring out construction in real estate. It’s one of the hardest problems to solve. What I do is I get my hands dirty. We get out on the job sites, we get multiple bids from multiple contractors and compare them. We go to home depot and look at prices and how much materials cost. We get our hands in there and figure it out. There is no computer system, no program that some guru can sell you via Facebook ads that’ll solve your construction pricing problem. The best lesson is actually doing it. If you have experience in construction, even if it’s just painting your own house, thinking about the cost of how these things work that is what you need to do. We have a file with multiple construction bids from multiple years of doing jobs that we compare – one after another, back to back, to see how prices change. We ALWAYS compare bids – 2 electrician bids, 2 painters bids, how do they work? How much is one person charging for the same service? Then you file those, make a simple spreadsheet, and log different price points. How much do you pay for a square of roofing? How much to you pay for painting a 10×10 room? How much do you pay for carpet? Then you have these very simple numbers that you can take from house to house and replicate it.
As far as motivation – I think this question has to come from inside you. I’ll tell you how I don’t become complacent. I love this stuff. I live for it. I love going into dirty basements, getting cobwebs in my hair. I love demoing properties. I love watching a before and after. I love the opening, I love the close of each and every deal. loving what you do is always key. A lot of people get into real estate because they want to make a bunch of money. I get it, I do too. I like the game, but I also like the craft. You have to love it. If you don’t love it, find what you love, be amazing at it, and go do that. Don’t waste your time trying to do something because you’re chasing the buck. Chase what you love and the money will follow!