On this HyperFast Wealth segment, host Dan Lesniak speaks with Sunil Saxena, back again to talk about the next step after finding the deal: how to manage the deal. Sunil manages up to 10 different real estate construction projects at a time, making him an expert on the subject!
- Sunil has managed hundreds of construction deals over the last 2 decades.
- The first thing you need to know is the process in your jurisdiction.
- Different types of deals involve different levels of jurisdictional involvement.
- Understanding all the things that you have to get done with that project will make project management that much smoother.
- Sunil recommends starting with a small project, especially if you are doing it by yourself without partners.
- Talk to people who have dealt with your problems already before you start to freak out.
- Dan emphasizes to not forget the value of time when looking at the value of a project.
- Depending on the amount of time required for a project, paying more initially can actually be cheaper in the long-run.
- Do everything you can to learn from your mistakes and to not make the same ones twice.
- No matter the size of the project, invest the time up-front to plan, and don’t expect the best-case scenario.
- Sunil uses an 11-step project planner for all of the projects that he takes on.
- Make sure that you have everything you need to complete the current phase and to be ready for the next phase.
- Have multiple contractors ready for each individual phase in case the job is overwhelming for just one.
- After the project is done, analyze everything that went right and wrong to support never-ending improvement.
- Prioritize having a good bookkeeper to maintain a quality profit and loss statement.
- COVID made it more difficult to close deals as the shutdown essentially stopped showings for a while.
- Even though everyone got paid, Sunil was able to make process improvements after looking back on a recent deal.
- When it comes to managing multiple projects at a time, establishing processes and bringing in management help, when necessary, are important.
3 Key Points:
- When starting small, even the smallest problems will seem huge to contractors and agents. Learn from those who have already been through it.
- Mistakes are inevitable and should be viewed as a chance to learn and grow. Don’t make the same mistakes twice.
- Investing the appropriate amount of time in the planning stage can save a whole lot of time and money in the long-run.
- “If you can’t find a great deal you have nothing to manage.” - Dan Lesniak and Sunil Saxena
- “There are two ways to learn. Take the punches yourself or learn from those who have taken the punches for you.” - Dan Lesniak
- “You need to measure, track, analyze, and make adjustments along the way.” - Dan Lesniak
- “If you get stuck, think “who” not “how.” - Russell Brunson