Replies

1. 
   BobKovacs | May 28, 2003 06:00am | #1

   Jim-

   The Northeast is definitely a lucrative area, but you're facing a long, uphill climb if you're looking to make 100k plus starting out fresh in business.  It's definitely possible, and there are probably plenty of guys here doing it (and plenty who aren't), but there's a lot to learn and a lot of mistakes to be made along the way.

   As far as reading material, I'd recommend "Running a Successful Construction Company" by David Gerstel (a Taunton book).  It'll cover a lot of the aspects of the business outside the actual hammer-swingin'.

   BTW- some of the most successful contractors I know started out in other fields.  Seems they don't come with the preconceived notions and bad habits that many of us have from being in the business too long.

   And if you're in NJ (I think we're still part of the Northeast...lol), look me up- maybe we can do something together.

   Bob

1. 
   woodmd | May 28, 2003 06:08am | #2

   Thanks for the quick reply, Bob.  Yes, I live in Northern NJ.  I want to do my research on this and have a better focus.  Thanks for the book recommendation, I will pick it up.  Thanks.  Jim  

2. 
   FrankB89 | May 28, 2003 06:14am | #3

   I certainly wouldn't presume to speak for others here, but to reach a $100k plus in the building trades,  you're going to have to be a businessman with a briefcase instead of a toolbelt and the ability to manage a good  crew to do your work, while you chase jobs and financing, etc.

   For a single tradesman with limited experience, to expect that kind of income in the foreseable future is unrealistic, in my view.  Now, I suppose it may be reasonable in some markets, but none I know of, at least where $100k is a healthy income against the living expenses of the area.

   And I suppose there are some specialty tradespeople around who are long-standing experts with certain specialties and possess great talent, who have built such a reputation that they're on the "A" list of of those with bottomless pockets, but if you were in their league with your skills, you wouldn't be asking the question.

    

3. 
   Piffin | May 28, 2003 07:24am | #4

   You aren't likely to make that kind of money as a tradesman/artisan. You know already from your experience that the bigger money is in managment, marketing, and multiple accounts.

   So I f you want to have your hands dirty, and still make big bucks, you need a product that can be done repetitiously and then market it well.

   Hot tubs and pools - they're getting passe` again in the cycle.

   Greenhouses and conservatories - maybe - with a pitch toward energy savings.

   Granite and concrete countertops - I bet nobody has thought of that idea before!

   Safe rooms and closets - Homing instincts and need for security enhances this segment

   Maybe I've planted seeds for thought.

   .

   Excellence is its own reward!

4. 
   Ronbaby | May 28, 2003 07:52am | #5

   If you have to wash your hands when you get home...forget it. If you wanna be a builder, say, running, managing and dealing with the financing....you can do it.

5. 
   johnharkins | Jun 10, 2003 12:42am | #6

   Jim  I've just revisited your query and what a loaded question it is -  my heart is revved up just thinking of what I would do  - without taking notes but just from the hip here goes   That book is a good one but   with your handsome income hopefully you have a sizable estate and you can finance your endeavors rather than having to bend so far over like the rest of us.

   By the way was on your Jersey shore Mantoloking area 2 yrs ago for wedding and was totally captivated by the beautiful homes, architectural gestures, primo materials & fine craftsmanship.

   back to what approach might work   residential real estate in my Pac NW area is streaming  despite the constrained economy  find  a place in a nice area  that is a bit run down   needs a foundation but has good bones    you know it has potential but a lender will not touch it ( does not have to be so extreme )  you have a sense of design and the will for intense labor?  buy something for  $312,000  work on it for four hard months w/ some help and maybe it goes for $$479,000   ( or more or less )

   Definitely takes vision and a mindset for it   but if you can handle the RISK qoutient that is where profits can be found.  Here a home w/ clear title is as easy to sell as paying a parking ticket  ( I'm talking mechanics )  You come in w/ leverage of being able to self finance  and eliminate banks and realtors and working on own house eliminate bureaucracy concerning contracting - any subs you work w/ must maintain lic/bonding  insurance   no panacea and so illusory and hypothetical but not a bad way to get going in our field

   Have witnessed in this arena  guy struggles turning over $300,000 house on a $70,000 lot  -   put that same house on a $170,000 lot  and that builder has 3 yrs of clients pestering him to be next in line.  For most of us that first lot is an incredible stretch and why most of us spend our lives working for wage - however if you can get over that first hurdle you may just be selling  your artisan projects to those doctors instead of pharmaceuticals    

   Best of luck and ciao John