Do you have any suggestions on how a full time person can successful manage a rehab project?
Latisha, if you have access to good contractors you can do it quicker. If you work on it mostly yourself like we do. We try to work on the house 2 to 3 hours every night and most of the weekends. Set goals. time frames, and stay with it. I just finished one I did a lot by myself. it took me 6 months to finish everything I wanted to finish. It is a second job.
with all that said you have holding costs every month. if the loan pmt is 400 and it took me 6 months. that's $2400 holding costs. not to mention utilities, taxes and insurance could easily add another 2000.
You can definitely do it. just plan on the holding costs. Get after it and don't give up. Realize what you can do and what you need professional help with.
I swore I wouldn't do another one by myself for at least another year. it's been two months since i finished. I'm making offers Now. :)
When I did my last deal, I was working full time at night. I worked nights and spent most of my days at the house supervising the contractors and helping with any work I could so I could try and cut down on costs. I am about to switch jobs and will be working during the day now, so flipping will be a bit harder to manage. I'm thinking that finding a reliable, trustworthy contractor to partner up with would be the best bet since I won't be doing the majority of the rehab work myself.