#34 Solving Construction inefficiencies, team scalability, and overcoming financial challenges with Mike Kaeding
In this episode, Steve Hamoen and guest Mike Kaeding delve into the challenges and opportunities in the construction industry. They discuss the need for change, cost reduction, and scalability, as well as strategies for hiring and financing. They also explore the importance of tenacity, mindset, and perspective in overcoming obstacles and achieving growth.
Key Points
- Building code standards represent the minimum requirements for functional structures, not the maximum, which is a concept Mike Cating and his company Norhart are challenging by striving to reduce construction costs and improve living standards in North America.
- Mike's approach to construction efficiency involves bringing all trades under one roof, applying manufacturing productivity techniques such as assembly lines to the building process, and housing all aspects of the project from design to execution within the same company to reduce costs and improve communication.
- Norhart's goal is to significantly increase their production of housing units to impact market supply and demand, aiming to lower the cost of housing while maintaining a pipeline of projects and adapting to financial challenges such as changes in bank loan percentages.
Michael Kaeding
Links: https://www.norhart.com/ https://www.facebook.com/mikeskaeding https://www.instagram.com/mikekaeding/ https://www.linkedin.com/in/mikekaeding/ https://twitter.com/mikekaeding https://www.youtube.com/@Norhart
About Michael Kaeding:
š Redefining Real Estate with Heart and Innovation at @Norhart As the CEO of Norhart, a pioneering $200M construction company, my path in real estate is deeply personal and driven by a mission to make a significant impact. My journey began in the heart of a family business, founded by my parents. But life took an unexpected turn when my father passed away shortly after I joined. Suddenly, I found myself at the helm, not by choice but by necessity, with the immense responsibility of leading a business in an industry I was still learning about.
šļø From Adversity to Innovation This transition wasn't easy. We faced significant challenges, including a moment when the city briefly shut us down, which shattered my world. Yet, it was in these moments of struggle that Norhart's true potential was born. Without preconceived notions of "how things are done" in the construction industry, we started solving problems naively but effectively. This approach became our magic ā it's what sets us apart.
š” Beyond Building Homes ā Building Futures and Tackling the Housing Crisis Today, Norhart has grown from 80 to over 1,000 units, creating $230M in assets. This growth is a testament to our dedication to change, efficiency, and sustainability in construction. We're not just constructing buildings; we're constructing a better future, addressing the US housing affordability crisis with innovation and determination.
š” Join Us: Where Investment Meets Impact With @Norhart Invest, we offer more than just a 10% annual return. We offer the opportunity to be part of a movement reshaping the landscape of US housing. It's an invitation to invest in a future that's built on the foundations of resilience, innovation, and a commitment to making a difference.
š Be Part of the Change Are you ready to join a transformative journey that's redefining the real estate industry? Click above on ''Visit my website'' to learn more about how you can join Norhart's mission to reshape US housing.
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Transcript
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