Managing construction projects is vital to real estate success. While many investors struggle to find, vet and manage contractors, Ashley Wilson has developed a formula for success.
Ashley developed a knowledge of construction working with her father and blended it with her corporate experience to create efficient systems and processes. She partners with both her father and her husband in the business and talks to us about working with family, best practices for construction management and how to find the best workers for real estate projects.
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Key Insights
- Started in short term rentals and single-family rehabs, before moving into multifamily
- Father had a background in construction and she partnered with him to launch a flipping business
- Construction management is basically adult daycare
- Made a $66k profit on the first flip, but it took one year
- A bad project with good partners can make a project successful
- Left pharmaceutical sales to focus on the lifestyle she wanted to live
- By learning the entire process, Ashley was able to drive the construction time frame from 9 ½ months to 9 ½ weeks
- You manage based on the skillset of the people you manage
- To find a great drywall guy, ask the painter – painters will know good drywall guys because they know who makes their job easier
- Property Management is not incentivized to make a project go quicker
- Find someone who has construction knowledge to oversee the construction process
- Heavy value-add deals should have an asset and construction manager to determine the business plan
- Invested in Texas and Ohio – Texas for growth potential, Ohio for stable cash flow
- InvestHER is a resource for women in real estate launched by Liz Faircloth and Andresa Guidelli FB page, website
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Bull’s Eye Tips:
Resources:
Apparent Failure:
Rehabbed a home with a failed septic system, can now promote as brand new septic system
Most Recommended Book:
Rich Dad, Poor Dad by Robert Kiyosaki
Most Recommended Digital/Mobile Resource:
Daily Habit:
90 Days of Intention Journal by Brandon Turner
Current Curiosity:
Different markets and nuances
Best Place to Grab a Bite:
Connect with Ashley:
Website: BadAshInvestor.com
Social Media: @BadAshInvestor
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