Build Efficiently To Shave Tens Of Thousands Off Your Build Cost With Richard Stone

In this episode, Paul is joined by Richard Stone, a chartered construction manager and cost consultant. He also trains people in project management and turns them into experienced developers which enables them to grow their wealth far quicker than they would if they worked a salaried job with a traditional pension.

KEY TAKEAWAYS

• Working in construction is an excellent gateway into development and building wealth quickly.
• Use the most cost-effective fast way to get the roof on. 
• Every week you can shave off of construction time is worth 4k in profit.
  Being uber organised and having everything you need on site, right down to the right size cable ties massively improves efficiency and build quality.
• Pay decent rates to tradespeople who work efficiently, to a high standard and are self-managing.
• If you are doing a commercial property, strip it out before determining the final conversion cost.
• Risk is a good thing, that is where the profit is. But only if you identify it and already have a viable plan in place to mitigate it.
• For many projects, JCT contracts are helpful, e.g. to raise finance and secure clients.

 

BEST MOMENTS
“You can't turn up at Twickenham on a f**king polo pony … you are there to play rugby….every development is different”
“If you don't have risk, you can't have opportunity.”
“I wouldn't suggest that anybody that's new to development start by trying to deliver their own development, it will fail.”
“You need to be an octopus to spin the amount of plates you’ve got to spin.”

EPISODE RESOURCES
https://richardmstone.com
https://www.hbf.co.uk/news/hbf-report-state-play-challenges-and-opportunities-facing-sme-home-builders

ABOUT THE HOST 
Paul Higgs is a Chartered Planning and Development Surveyor with 40+ years' experience in land, planning and development and a 100% success track record in winning planning consents.
Paul undertook his first refurb project when he was just 17 and then worked his way up from labouring on building sites to becoming Head of Land for renowned plc housebuilder, Barratt Developments. He managed to escape the corporate world in 2002 to set up what is now a multimillion-pound award-winning property development company, Millbank Group. 
In 2013 Paul founded the Millbank Land Academy, the UK’s first training company dedicated to property development; to teach established and aspiring developers the insider secrets the big housebuilders don’t want you to know! 
Paul is also a founding investor and former board director of the industry-leading PropTech Co, LandTech, and has lectured on Advanced Development Valuations on the MSc Property Development at London South Bank University.
 
CONTACT METHOD
LinkedIn: https://www.linkedin.com/in/paul-higgs
Millbank Land Academy: https://www.millbanklandacademy.co.uk
Instagram - https://www.instagram.com/paulhiggsofficial
YouTube - https://www.youtube.com/@InsidePropertyDevelopment