Multifamily Insights: Ep. 142: Best Practices for Construction Management with Ashley Wilson

Ep. 142: Best Practices for Construction Management with Ashley Wilson

Nov 26, 2019

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.

Partner: Join me at the Best Ever Conference plus 5% discount with 5DEAL

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