In this engaging podcast episode, Shane covers topics such as the importance of communication, planning, pre-construction process, leveraging consultants and architects to minimize problems and challenges, the role of a foreman and manager in the project, how long the process typically takes, budgeting for unexpected change orders, typical warranty claims, capacity to take on projects up to 2024, whether Kalamoir is bondable and provides references from their projects and more. Get insights into how to make your infill townhouse project a success! Tune in now!   [00:00 - 04:09] How to Earn Good Money Investing in Commercial Real Estate: 10 Questions Answered by Developer and Builder Shane Melanson • How much money you can make on a project is a loaded question. • Strategies and practices to create significant wealth investing in commercial real estate are available to accredited investors. • 10 questions were answered from a new real estate developer looking at building a townhouse. • Recommendations for mechanical, electrical, energy code survey, geo tax and structural consultants are provided. • Communication frequency should be every two weeks with onsite meetings and daily/couple of days pictures updates through Procore software.   [04:09 - 07:55] Developer's Guide to Contingency Planning for Infill Projects • Communication is key to avoiding surprises. • Generally, a project will have a site supervisor, project manager, and coordinator. • Hiring an interior designer can make a big difference. • Infill projects typically take 10-12 months to build. • Contingency of 5-10% should be used for hard and soft costs.   [07:55 - 11:39] How to Prepare for a Tight Budgeted Project • Examples of unexpected costs like building code changes, offsite levies, power poles, etc. • Development is risky and requires eyes wide open and cash on hand • Common warranty claims include water issues, dishwasher problems, sump backups • Pre-construction phase gives 4 months to work with developers and value engineer plans • Construction is a tight margin business and needs to be planned in advance   [11:39 - 17:00] Building Your Dream Project with Biweekly Communication, Expert Staff, and Cost-Effective Solutions • Generally, clients don't require bondable insurance for projects. • Cost of insurance is passed on to the developer. • Consultants are recommended to build a team for the project. • Communication with client is biweekly both on site meetings and emails. • Project timeline depends on staff size: foreman/site supervisor, project manager, project coordinator.   You can connect with me on LinkedIn, follow me on Twitter, and watch my videos on YouTube. If you want to go even deeper into the world of commercial real estate, head over to Shane Melanson, a roadmap to investing in commercial real estate! Get my book Club Syndication - How The Wealthy Invest Their Money     LEAVE A REVIEW + help someone invest in commercial real estate with confidence by sharing this episode or clicking here to listen to our previous episodes.        Follow The Game for Real Estate Developers & Investors Podcast on all Streaming platforms. Deezer, Apple Podcasts, Google Podcasts, Spotify, or visit our YouTube Channel.       Quotes:  "It's very expensive to have delays on your project. So I would just keep that in mind." - Shane Melanson

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