Never enter into a contract with a contractor without a defined schedule as part of the contract itself. Just agreeing on an end date isn’t good enough. Why? Because no matter how far behind schedule your project is, the contractor will always insist he can still make the end date. Without some agreed to schedule […]
You want your contractor to provide you the highest quality project, in the shortest time frame for the most inexpensive price. What we call the three-legged stool. Unfortunately, some of these desires are in direct conflict with one another. For example, it is tough to get the highest quality project when the schedule is very […]
Revised Financial Model
Our last post walked through our revised financial model. In running the numbers, we had a dilemma. The highest priced spec luxury home sold to date on this lake went for $1,700,000. In our latest financial model, we would have over $1.9 million in costs! The model we put together had us selling […]
Meeting with the Bank
From our previous post on this development you will recall that we just found out we couldn’t build the building we wanted and keep it close to our 3,200 SF we had in our initial financial model. We decided that the first step in figuring out whether to build the bigger building […]
Four Ways You Make Money
Before you actually purchase that investment property you have had your eye on, you need to have a well thought out plan on exactly how you will make your money on that investment. I have seen a number of first time investors get so enamored over actually making their first deal, […]
Choosing a Design or Construction Contract
When you are choosing a contract for your architect and contractor, you have a number of standard forms to choose from. The AGC (Associated General Contractors), AIA (American Institute of Architects), CMAA (Construction Management Association of America) and others have their standards. In addition, the firm you deal with may […]
