Ep. 88: Why You Need to Avoid Deposits and Develop a Clear Scope of Work for Your Contractor with Greg Dickerson

After joining the Navy out of high school, Greg Dickerson started a remodeling company and turned it into one of the largest development firms in the area. His trick was to find the best people and give them the systems and tools to be successful.  Over the past 20 years, he has bought, developed and sold over $200 million in real estate. On today’s show he shares show investors can build strong teams and manage contractors more effectively. In addition, he shares his thoughts on opportunities throughout the DC and Virginia area.

Key Market Insights

• Natural born entrepreneur, even as a little kid
• Dad told him he needed to make money to pay for martial arts
• Went into Navy out of high school
• Started remodeling company that turned into one of the largest development firms in the area
• Hired best people from the top competitors and turned them loose
• Partnered with other professionals to create 12 businesses
• Sincere desire to do everything it takes morally, legally, ethically to be successful
• Contractors are great workers, not great business people
• Imperfect people, working with imperfect products, in an imperfect world looking for a perfect outcome
• Contractors need a clearly defined scope of work, timeline and need to be ready
• Find professionals who are good at what they do, help them be more profitable, develop great scheduling system
• Flip the pyramid – your job is to help everyone on your team
• Norfolk, VA is a military area with strong naval base
• From Virginia Beach, lived in Outerbanks and now in Charlottesville
• Northern Virginia market has expanded rapidly and he is now focused on the DC Corridor
• UVA is one of the main drivers in Charlottesville
• What’s the highest and best use of that property
• Development is getting more and more expensive
• How receptive is the town, municipality of the development plan for vacant land?
• Working on opportunity zone projects

Bull’s Eye Tips:

Winning Your Market: Know your market intimately

Tracking Market Changes: Statistical Data and Talk to Municipality

Daily Habit: Reading the Bible and Praying

Resources:

Best Business Books:

Positivity by Harry Edelson

Digital Resources:

Reonomy

Tweet This:

“As an investor, you are a leader”

“Don’t do contractor deposits – the only way you can control the contractor is through the money”

Places to Grab a Bite:

Citizen Burger

Hamilton’s

Guadalajara Mexican Restaurant

Connect with Greg:

Email: Greg@GregDickerson.com

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