6 New Construction Mistakes To Avoid
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About this episode:
In this informative episode, Thach Nguyen and Chris delve into the common pitfalls encountered during real estate rehabs and new construction projects, offering actionable advice to avoid these mistakes. They highlight the importance of good design, proper budgeting, and accounting for hidden costs that can derail a project if not managed properly.
The discussion begins with the crucial aspect of **design**, where Thach and Chris emphasize hiring architects who specialize in specific home styles and neighborhood aesthetics. They then transition into the topic of **budgeting**, explaining how inadequate budgets and overlooked line items such as sales tax can lead to unforeseen expenditures. Utility and street improvement work, often neglected in the budgeting phase, is another key area they review, providing real-life examples of associated costs.
Lastly, Thach and Chris cover the significance of selecting *qualified contractors* over cheaper alternatives.
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Thach Nguyen has come a long way since arriving in America at age 4 with his parents, four brothers, and sister in 1975. Focus, drive, determination, and great mentors paved the way for him to go from a homeless refugee to a multi-millionaire.
Thach is the CEO & Founder of Thach Real Estate Group and principal of Springboard to Wealth. He is not only a seasoned realtor, investor, coach, author, and speaker, but also a proud ambassador of the American Dream. During his 30 years in the real estate industry, he has built more than 300 homes, townhouses, multifamily units and completed over 100 flips, and owns over 100 rental properties giving him over $100,000 a month in passive income. Thach and his team have assisted more than 1,500 families to create their own American Dream of home ownership, ranking him in the Top 1% of all real estate professionals nationwide.
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Timestamps:
0:00 Six Mistakes to Avoid in Rehab and New Construction
1:53 Understanding Construction Costs and Budgeting for Projects
4:28 Hidden Costs of Utility and Street Improvements for New Builds
6:11 Avoiding Costly Surprises in New Construction Projects
8:57 Choosing the Right Contractor for New Construction Projects
11:58 New Construction Course Announcement and Viewer Engagement
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