24. Construction Rehab Budgeting 101

How do you budget for your construction? Many people investing in real estate are not particularly well-versed in construction, so how much should you know about a builder's plans for your property before you invest?Join Open Spaces at the BRRRRCON 2023 on Dec 8, 2023! Learn from industry leaders to make, multiply, and protect your wealth! – www.thebrrrrcon.com Palak is offering us three key steps to help formulate a framework for how we estimate, solidify, and sign off on a construction budget. But first, she is asking you 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 ShahIn This Episode:01:00 Does understanding construction need to be part of your skill set for real estate investment?02:30 Introducing thebrrrrcon.com06:05 Are YOU implementing the BRRRR strategy NOW? 07:20 Beware! Underestimating construction costs and resources09:05 Why contractors are also vetting new investors10:58 Three key steps to budget your construction well 13:30 Adding a contingency to your estimate14:50 Getting into the due diligence phase (tightening your numbers)15:24 What to do with your contractor as you finalize your budget17:48 Why money (and success) loves speed!Resources:Get a copy of Accelerate Your Real Estate Book a call - http://www.openspaceswomen.com/bookacallFREE 5-Day Real Estate Investor AcceleratorConnect with Palak and NitiWebsite: https://www.openspaceswomen.com/Instagram: https://www.instagram.com/openspaceswomen/Facebook: https://www.facebook.com/openspaceswomenTwitter: https://twitter.com/openspaceswomenLinkedIn: https://www.linkedin.com/company/openspacescapital/YouTube: https://youtube.com/@openspaces1251TikTok: https://www.tiktok.com/@openspacesacademy