That’s about right. A GC in New York is making around 500k per year. And he’s always booked. There’s just too many constructions going on in that city lol
The re is a relation between the profit and the contract value. The contracts vary from $50k to over $100M, (on average, at least here in the North East). $90 k earning can be made from revenues of 250k to $1M , (for the sake of conversation), or in other words one month projects to 1 year projects duration. It also depends from the type of projects and the services which contractor provides... There are also too many other "if's"....
How much on the books vs how much off the books. Agreed $90-100K after tax for a one Man show. No employees. Very few subs. Working 7-8 mos out of the year. If one wants to hustle, one guy could easily do $200+K = 10-11 mos out of year.
My husband and I own a flooring company and I get frustrated with my husband because he works hard but does not think in terms of business. He keeps making bad decisions and now our company is in decline which I warned him about. It is very frustrating! I love him but wish he would listen to me...argh!!!
do i need to go to school to get a license? Any suggestion about school about it? I used to work in a renovation company, thinking to be a general contractor now. :)
When do you decide to just go for it and start your business. Do you start small doing little weekend side jobs or full steam ahead and commit full time?
It really depends on the goals and your capacity. But the best chance for success is commit full time if you have the capital to support that in the short term
I made close to that just as a assistant to a sub contractor twenty years ago.... Then like 50k in the 90s as a lazyt unskilled helper... GCs made more than anyone else on the sites... Every GC I knows pays cash for new HD trucks and 25k toys, and I know it aint from "90k" a year...... I'm at 80k a year right now and even I'm not throwing around the cash the average GC is....
I just turned 20 about get my ged next month, then start a program to get me GC license, I have basic 4 years of skills but my dad has over 15 years he does everything except install granite, I wonder whats field of work I should focus on sorry just need guidance, trynna change my life
hi thats awesome. my dad dad is a electrician and he has over 20 years of experience and I only have 1 year expericne. Depends on what type of work you like to do ?
$90,000 I kind of figured that 🤔..... DO YOU THINK HE CAN SHRINK THAT PROFIT A LITTLE BIT? 🤔 So I'm not a G/C but me and wifey are building a HOME NEXT YEAR GOD'S WILLING.. 😀 ( FEBRUARY)2023......(30 minutes or so outskirts Tallahassee FL) ( in the countryside) *2548* SQ Dream Home,* 3 bed/2 bath 1 office ( for my lawn service/ her cleaning service business) ( I'M GUESSING CONTRACTORS WILL SAY $125 TO $175 SQUARE FOOT in FL) at least that's what the first 6 or so contractors I talked to said they like to make,)......(but I did not tell them what I had we did not go into detail because this was about 9 months ago and I hardly didn't have anything at that time when I talked to him) 🤔 I have roughly 35% of the material NOW (3/8/22) I think 🤔 but it may be Off a (tiny tiny bit)......I have 1. ceramic tile for all floors Great room / kitchen/ hall ways/ office / laundry room ) BED ROOMS ARE GOING TO BE HARDWOOD FLOORS ( I ALREADY HAVE) 2. My electrical 12-2 wire 2x1000 SQ ft rolls =( 2000 ft in all) 12-3 s wire 500sq ft roll ..... My 6-3 wire (250sq) .....(my stove is not far from my garage where the electrical box will be............. My 10/3 (250sq) 14-3 wire (250Sq) ( for fans) my 4*4*4*3 wire ( goes to the outside meter ...) Have already.... Wall outlets( TP resistance). ...... Fans (ECT) All 3 way switches ) My 1 way switches ( as well as all light fixtures plus recessed lights for all rooms ect)and recessed lights for the cabinets already have 🤔........ about 20% of wood ( 2x4x104* 5/8 ) (per cut 9 inch per cut boards ) all OSB boards sheathing for roof) all stud hangers (ECT) ... OSB boards clips ECT............ All ceramic tile for bathrooms guest bathroom also master bathroom... toilets ECT As well as grout and mortar for all... floors and walls..... As well as her walk-in closet Also since I own my own Lawn Service company and my wife owns a house cleaning business ( not bragging or anything like that just self employed trying to make it in Life..... Trust me we struggle like everybody else in life 😳) willing to get my material for sheet Rock........ Front door cost ($3200) back door cost ($800) ...... All doors inside cost ($1650) All plumbing fixtures we will get also willing to get hot water heater( $800) and pay for pex piping as well 🤔.............. Don't have enough $ for the HVAC material because I'm getting everything else 😳....... The contract will have to get that or pay the person whoever he contracts the workout to🤔 Also since father is a painter he ( and his crew can do the painting) I'll pay them 🤔...) ...were willing to get all paint that goes in the house as well as the garage door double garage door is what we're getting (wife wants that 😒) I have my best friend who can get that for me and do the work.....I'll pay for that 🤔as well....... We will personally pay for the red brick(from Lowe's ) that's going to be on the front of the house and on the sides and back will be Hardie board we can pay for that material as well 🤔. ( Can't pay for labor because I'm paying for materials 🤔)...... ( when we apply for this in 2023 of February we would have no bills at all 🤔.......... As far as the installation we will pay for that as well the insulation that goes between the 2x4 boards and in the ceiling 🤔...... I will not have enough for the kitchen cabinets contractor will have to pay for that if you don't mind 🤔..... I'm hoping somebody looks out for us I just don't want to get cheated 🥺 I'm praying that will help keep costs down .... FHA one time to construction loan may gives up 169,000 worst case scenario 🤔( $7000) equity in land (we have land already) but make payments) so ($7000 equity for land) plus extra 9,000 from savings so bank see we have skin in game sorta speak 🤔) So the total is (16,000)( Down payment) Do you think that since we have quite a bit of material roughly 33 to 35% and we're willing to do more can he bring that price down from ($90, 000) to about ($70,000) or so that he profits for about a year or so of work 🤔? HOPEFULLY WORSE CASE SCENARIO ($178,000) TOTAL FOR HOME 🤔?
I’m a general contractor with a small company in the northeast USA. As a co-owner, I make around 300k per year before taxes.
You rich mfer lol, hopefully I’ll be up there one day I’m in South Carolina looking forward to get some projects in Myrtle Beach & Charleston!
That’s about right. A GC in New York is making around 500k per year. And he’s always booked. There’s just too many constructions going on in that city lol
It’s my goal to become a contractor and build a business one day and this video really inspired me.
i am a GC and your numbers and explanation is spot on. i rather make a little less but have a lot more time back. the different lifecycles of a GC
So as a general contractor u need enough money to pay your employees, and u don't get paid to jobs done..contractor
today working 70 hours a week is the new 40 hr work week. Not like the good ole days. You could make the same amount in the 70's
The re is a relation between the profit and the contract value. The contracts vary from $50k to over $100M, (on average, at least here in the North East). $90 k earning can be made from revenues of 250k to $1M , (for the sake of conversation), or in other words one month projects to 1 year projects duration. It also depends from the type of projects and the services which contractor provides... There are also too many other "if's"....
A great book on this is Michael Stone’s Markup and Profit. Know your numbers
So glad for all the info you have brought to this community !!! Thank you stay blessed
I really like video. Every word that you make carries huge reality and fact. I like your explanations.
Great video man 🙌🏼
How much on the books vs how much off the books. Agreed $90-100K after tax for a one Man show. No employees. Very few subs. Working 7-8 mos out of the year. If one wants to hustle, one guy could easily do $200+K = 10-11 mos out of year.
My husband and I own a flooring company and I get frustrated with my husband because he works hard but does not think in terms of business. He keeps making bad decisions and now our company is in decline which I warned him about. It is very frustrating! I love him but wish he would listen to me...argh!!!
Shoot me an email and let’s see if he will listen to me.... mike@winrateconsulting.com
Great explanation
Good info man. Thanks
You bet
ASTONISHING VIDEO, THANKS BROTHA
Great explanation, great presentation.
Thank you sir.
Cool message from the heart thank u
do i need to go to school to get a license? Any suggestion about school about it? I used to work in a renovation company, thinking to be a general contractor now. :)
Thanks for this video
I don't understand how a GC can charge 10% of a project. Wilddd
When do you decide to just go for it and start your business. Do you start small doing little weekend side jobs or full steam ahead and commit full time?
It really depends on the goals and your capacity. But the best chance for success is commit full time if you have the capital to support that in the short term
Full send
So your saying u got employees under u...u would not get paid till jobs done right..so u got to have enough to pay your employees right
The 3 Commercial gcs I know bring home way, way more than 90k a year..way! More..one just retired at 55 yrs old after starting his business in 1993..
There are always exceptions and those that are above and below the average.
I made close to that just as a assistant to a sub contractor twenty years ago.... Then like 50k in the 90s as a lazyt unskilled helper... GCs made more than anyone else on the sites... Every GC I knows pays cash for new HD trucks and 25k toys, and I know it aint from "90k" a year...... I'm at 80k a year right now and even I'm not throwing around the cash the average GC is....
Is it because they received more cash and could hide the tax amount?@@tjinspace7001
I just turned 20 about get my ged next month, then start a program to get me GC license, I have basic 4 years of skills but my dad has over 15 years he does everything except install granite, I wonder whats field of work I should focus on sorry just need guidance, trynna change my life
What program helps get ur gc license
hi thats awesome. my dad dad is a electrician and he has over 20 years of experience and I only have 1 year expericne. Depends on what type of work you like to do ?
Hi
Why do people make videos with hypothetical questions. Just speak on your own experience and your reviews will climb.
How much are you willing to steal?
Inaccurate
A contractor will buy you in 1 cent..shut ur month..and do your kitchen job..
$90,000 I kind of figured that 🤔.....
DO YOU THINK HE CAN SHRINK THAT PROFIT A LITTLE BIT? 🤔
So I'm not a G/C but me and wifey are building a HOME NEXT YEAR GOD'S WILLING.. 😀
( FEBRUARY)2023......(30 minutes or so outskirts Tallahassee FL) ( in the countryside)
*2548* SQ Dream Home,* 3 bed/2 bath 1 office ( for my lawn service/ her cleaning service business)
( I'M GUESSING CONTRACTORS WILL SAY
$125 TO $175 SQUARE FOOT in FL) at least that's what the first 6 or so contractors I talked to said they like to make,)......(but I did not tell them what I had we did not go into detail because this was about 9 months ago and I hardly didn't have anything at that time when I talked to him) 🤔
I have roughly 35% of the material NOW (3/8/22) I think 🤔 but it may be Off a (tiny tiny bit)......I have 1. ceramic tile for all floors Great room / kitchen/ hall ways/ office / laundry room ) BED ROOMS ARE GOING TO BE HARDWOOD FLOORS ( I ALREADY HAVE)
2. My electrical 12-2 wire 2x1000 SQ ft rolls =( 2000 ft in all) 12-3 s wire 500sq ft roll ..... My 6-3 wire (250sq) .....(my stove is not far from my garage where the electrical box will be............. My 10/3 (250sq)
14-3 wire (250Sq) ( for fans) my 4*4*4*3 wire ( goes to the outside meter ...) Have already.... Wall outlets( TP resistance). ...... Fans (ECT) All 3 way switches ) My 1 way switches ( as well as all light fixtures plus recessed lights for all rooms ect)and recessed lights for the cabinets already have 🤔........
about 20% of wood ( 2x4x104* 5/8 ) (per cut 9 inch per cut boards ) all OSB boards sheathing for roof) all stud hangers (ECT) ... OSB boards clips ECT............
All ceramic tile for bathrooms guest bathroom also master bathroom... toilets ECT As well as grout and mortar for all... floors and walls..... As well as her walk-in closet
Also since I own my own Lawn Service company and my wife owns a house cleaning business ( not bragging or anything like that just self employed trying to make it in Life..... Trust me we struggle like everybody else in life 😳)
willing to get my material for sheet Rock........ Front door cost ($3200) back door cost ($800) ...... All doors inside cost ($1650)
All plumbing fixtures we will get also willing to get hot water heater( $800) and pay for pex piping as well 🤔..............
Don't have enough $ for the HVAC material because I'm getting everything else 😳....... The contract will have to get that or pay the person whoever he contracts the workout to🤔
Also since father is a painter he ( and his crew can do the painting) I'll pay them 🤔...) ...were willing to get all paint that goes in the house as well as the garage door double garage door is what we're getting (wife wants that 😒) I have my best friend who can get that for me and do the work.....I'll pay for that 🤔as well.......
We will personally pay for the red brick(from Lowe's ) that's going to be on the front of the house and on the sides and back will be Hardie board we can pay for that material as well 🤔. ( Can't pay for labor because I'm paying for materials 🤔)......
( when we apply for this in 2023 of February we would have no bills at all 🤔.......... As far as the installation we will pay for that as well the insulation that goes between the 2x4 boards and in the ceiling 🤔......
I will not have enough for the kitchen cabinets contractor will have to pay for that if you don't mind 🤔.....
I'm hoping somebody looks out for us I just don't want to get cheated 🥺
I'm praying that will help keep costs down ....
FHA one time to construction loan may gives up 169,000 worst case scenario 🤔( $7000) equity in land (we have land already) but make payments) so ($7000 equity for land) plus extra 9,000 from savings so bank see we have skin in game sorta speak 🤔)
So the total is (16,000)( Down payment)
Do you think that since we have quite a bit of material roughly 33 to 35% and we're willing to do more can he bring that price down from ($90, 000) to about ($70,000) or so that he profits for about a year or so of work 🤔?
HOPEFULLY WORSE CASE SCENARIO ($178,000) TOTAL FOR HOME 🤔?