Accelerated Real Estate Investor 323: CapEx Expenses and Going Over Budget: Operational Risks to Your Business #2
In the second installment of this series about the threats and risks to your business, I’ll be sharing six tips that will help keep your CapEx expenses in line and your value-add projects on schedule and, most importantly, within budget.
These are the things that you need to have dialed in so that your property is performing the way that it should, that it continues to generate cash flow so that you can increase your operating income and your bottom line.
With a looming recession and interest rates continuing to climb, it will likely be tougher to refi or sell your properties because of the cost of taking on debt and ongoing supply chain issues. Managing how you order and store materials are just one of the keys to success, and with these processes in place (and boots on the ground), these tips will surely help you stay on time and within budget.
Key Takeaways with Josh Cantwell
- The challenges of completing value-add projects outside of your area during a recession with inflation and supply chain issues.
- The cost savings from ordering the materials yourself.
- How to properly store those materials on the work-site and how to create a process for checking out the material.
- Ways that you can save on costs when hiring contractors and why you should hire construction managers internally.
- The importance of secret shopping the units once per week and having boots on the ground to verify the work that is done.
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/323
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