The ProfitDig Blog

An escrow account is essentially a savings account that’s managed by your mortgage servicer. How can this be helpful in managing the cashflow in construction? If you are thinking of becoming self-sufficient in the construction industry, investing your profits into an escrow account is one thing that you might want to consider. YOU NEED TO […]

The hard bid estimating process is a widely used method of estimating construction costs and time. The process involves listing the various items that go into the building, such as labor and materials, and calculating their total cost. A hard bid is a rough estimate of construction cost. In other words, it is a starting […]

Excerpt from Digging for Profit: Secrets to Success in the Construction Industry, by Jeff Spencer and Jerry Work   There are going to be times when you can’t self-perform every part of a project yourself. It’s very common to be looking at a project, especially something you really want to bid on, that is above […]

In construction, “GMP” stands for “Guaranteed Maximum Price.” It is a contract whereby the General Contractor guarantees that the total cost of a project will not exceed a set amount. It is often a sort-of design-build kind of thing because the GC and its subs do the design work along the way (especially during the […]