Episode #197 Managing the Investment Deal with Sunil Saxena

On this HyperFast Wealth segment, host Dan Lesniak speaks with Sunil Saxena, back again to talk about the next step after finding the deal: how to manage the deal. Sunil manages up to 10 different real estate construction projects at a time, making him an expert on the subject!

 

Episode Highlights: 

  • Sunil has managed hundreds of construction deals over the last 2 decades.
  • The first thing you need to know is the process in your jurisdiction.
  • Different types of deals involve different levels of jurisdictional involvement.
  • Understanding all the things that you have to get done with that project will make project management that much smoother.
  • Sunil recommends starting with a small project, especially if you are doing it by yourself without partners.
  • Talk to people who have dealt with your problems already before you start to freak out.
  • Dan emphasizes to not forget the value of time when looking at the value of a project.
  • Depending on the amount of time required for a project, paying more initially can actually be cheaper in the long-run.
  • Do everything you can to learn from your mistakes and to not make the same ones twice.
  • No matter the size of the project, invest the time up-front to plan, and don’t expect the best-case scenario.
  • Sunil uses an 11-step project planner for all of the projects that he takes on.
  • Make sure that you have everything you need to complete the current phase and to be ready for the next phase.
  • Have multiple contractors ready for each individual phase in case the job is overwhelming for just one.
  • After the project is done, analyze everything that went right and wrong to support never-ending improvement.
  • Prioritize having a good bookkeeper to maintain a quality profit and loss statement.
  • COVID made it more difficult to close deals as the shutdown essentially stopped showings for a while.
  • Even though everyone got paid, Sunil was able to make process improvements after looking back on a recent deal.
  • When it comes to managing multiple projects at a time, establishing processes and bringing in management help, when necessary, are important.

 

3 Key Points:

  1. When starting small, even the smallest problems will seem huge to contractors and agents. Learn from those who have already been through it.
  2. Mistakes are inevitable and should be viewed as a chance to learn and grow. Don’t make the same mistakes twice.
  3. Investing the appropriate amount of time in the planning stage can save a whole lot of time and money in the long-run.

 

Tweetable Quotes:

  • “If you can’t find a great deal you have nothing to manage.” – Dan Lesniak and Sunil Saxena
  • “There are two ways to learn. Take the punches yourself or learn from those who have taken the punches for you.” – Dan Lesniak
  • “You need to measure, track, analyze, and make adjustments along the way.” – Dan Lesniak
  • “If you get stuck, think “who” not “how.” – Russell Brunson

 

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