Ep 94: Get to the Core of Contracting, with Kevin Myhre
Contracting is a layered world, with many folds and caveats to be wary of. Tricky budgets, tight deadlines, and difficult subcontractors are among the many things to consider when working on a job. Joining us today is general contractor, investor, and mentor, Kevin Myhre. As a third-generation contractor for My Boys Contracting, Kevin aims to iron out the creases and simplify this art of real estate, just for you. We kick off the episode by discussing how he entered the family business, My Boys Contracting, which has been renovating and remodeling homes in Long Island for nearly 40 years. He touches on how important it was to modernize his father’s business, and what the challenges are when working with family. To Kevin, contracting the right way is about making incremental steps forward, using the right kinds of technology, building relationships, and asking the right questions. As our conversation evolves, he walks us through the dos and don'ts of contracting, from choosing the perfect contractor for a job, managing client expectations from day one, to referring contractors while maintaining your credibility. Delving deeper, Kevin points out the key differences between establishing yourself as an outfit that renovates houses or one that flips them. Rich in variety and acutely insightful, our conversation with Kevin Myhre is not to be missed, so be sure to tune in!
Key Points From This Episode:
Kevin's professional history in construction and reconstruction.
An unexpected entry into the family business.
Modernizing the way the family-operated their business.
How Kevin created cohesion in a cross-generational business.
When is it the right time to cut ties with a partner or employee?
How your own empirical data can help you decide how feasible new opportunities are.
Making use of referrals for the right reasons.
The vetting process behind choosing the best contractors to refer.
Asking the right questions will help you find the most suitable contractor for you.
Ways you can manage your client’s expectations from start to finish.
How professional experience can impact your ability to invest on a personal level.
Advising clients who may be short on budget, time, or a combination of both.
The right time to start engaging with potential clients.
Putting in the right kind of research when looking at how to cost deals.
The difference between operating as a contractor versus as a flipping business.
Getting into the content space, by blogging, multimedia, and marketing.
“You don’t wanna just take 10 steps forward without testing the waters a little bit, because you can really go overboard very easily.” — John Myhre [0:07:22]
“If you are in business with somebody who is growing in a different direction, at the end of the day you love each other and you’re loyal, but you’re really just doing each other a disservice by still working together.” — John Myhre [0:14:01]
“When I refer somebody to another contractor, I don’t expect anything in return. The whole point is to provide the utmost value to everyone who comes in my direction.” — John Myhre [0:17:48]
“The best way you can manage a client’s expectations is to lay everything out on the table.” — John Myhre [0:25:11]
Links Mentioned in Today’s Episode:
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