Real estate as a business - I manage projects

#יםמהשבוע Shiri Novak #post2

What do I do first?

Finding a property and then looking for investors?

Finding a contractor and then looking for properties?

Find a property and then invite contractors for quotes?

***What do you do first?***

When I started it was more complex, because I had to learn the numbers in my market. I needed to see the contractor's quote detailed in detail to understand what the prices were for each task. Over time, I am more confident in estimating on my own the costs that I will have for each renovation and today the process depends on me and in most analyzes the transactions even "fall" before I get to consult with the contractor or the agent.

One day I received an email with a deal, which I immediately recognized as having a very high profit. I wanted her, I called Holsler and realized that there were other people interested in the house - I immediately understood what was happening, I called the realtor and the contractor and told her that we needed to work very quickly this time. Here we realized how fast the market works with good deals - the contractor could have arrived the next morning and it wasn't fast enough! The deal was already in the contract. I continued with a stubborn polo-up, the house went out of contract twice until I managed to grab the contract - and took the house.

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A good deal is what starts the process.

I manage to take good deals thanks to the team I set up, which knows how to work quickly and the business plan I prepared in advance that shortens the analysis process.

In each project I improved the business plan, until a plan was obtained that includes very diverse options, and now I have a modular plan that suits me for different uses and not just for a specific transaction.

For example, I have a presentation of a renovation plan for a property to a contractor.

The first time I made it - it took me hours.. I chose colors that work together, tiles that are a combination of a low price and colors that I chose for the house, kitchen, handles, everything. It was long, but worthwhile because since this presentation it has accompanied me in all the renovation plans that have existed.

To me, real estate is a factory, with departments and stations. And the goal, to optimize the production line - system.

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Finding the property, due diligence, financing, renovating the property, selling the property - all are steps in the process and I am constantly looking for ways to improve them.

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At the moment the bottleneck of the factory is in the renovation of the property, the heart of the factory.

Tomorrow - about the challenges for the contractor

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