Extract and consolidate specific parts of a fragment

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Hi everyone,
I've been looking for a way to Extract and consolidate specific parts of a clip in the timeline.
 
I've thought of marking the parts of the clip that I want, make a subclip out of it, lift that specific part and replace it with the previously made subclip and then nest the subclip and export it using the project manager option and selecting the nested sequence. However since I've just recently started in Adobe Premiere I was wondering if there was a more efficient way of simplifying this process.

If anyone could point me into the right direction I'd really appreciate it!