Overwhelmed Newbie: First Major Rehab and Acquiring 3rd Property!

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Overwhelmed Newbie: First Major Rehab and Acquiring 3rd Property!

Jaredith Mize
Investor · Seymour, IN · Member since 2018 · 13 posts · 7 votes

Good news first! I have acquired two properties. Both properties are free and clear. Property 1 is rented at $700 per month. I am doing a cash out refi on property one for the funds to rehab property 2. Property 2 is a full gut rehab. The floor joists were broken (2"x8"s on a 16 foot span...). Had those replaced with 2"x12"s and the floors raised. Next phase is some further demo, so we're really just getting started. There's about $28,000 worth of rehab left. 

Also, I have an offer in on a HUD repo. I am hoping to buy it with cash and pull out the equity from property 2, once the rehab is done, to rehab property 3, which will be our primary residence. My issue at this point is just juggling everything on the rehab with a full time + job. Any tips or tools for managing projects with multiple subs and a lot of moving parts? Feeling a little overwhelmed at the moment and don't want to make any major mistakes...

Thanks in advance for the advice!

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Amanda G.
Rental Property Investor · Augusta, GA · Member since 2017 · 825 posts · 278 votes
7y

Hi Jaredith,

I feel you, I have two deals going as well as my full time job and personal commitments. I've started using a paper day planner, which helps me keep a running list of tasks. Checklists will also be your friend.
Other people have scaled to project management software, but I haven't taken that leap. Hope you find what works for you!

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  • Amanda G.
    Rental Property Investor · Augusta, GA · Member since 2017 · 825 posts · 278 votes
    7y

    Hi Jaredith,

    I feel you, I have two deals going as well as my full time job and personal commitments. I've started using a paper day planner, which helps me keep a running list of tasks. Checklists will also be your friend.
    Other people have scaled to project management software, but I haven't taken that leap. Hope you find what works for you!

    1Reply
  • Jaredith Mize
    OP
    Investor · Seymour, IN · Member since 2018 · 13 posts · 7 votes
    7y

    @Amanda G. Thanks! I’m using a yellow legal pad at this point and trying to list things in order of priority. I need to at least incorporate some sort of planner. If I could find a free project management software, I would use it. I’m at the point where it would be super helpful, but I can’t justify another paid subscription...

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  • Amanda G.
    Rental Property Investor · Augusta, GA · Member since 2017 · 825 posts · 278 votes
    7y

    My handyman uses Trello. I don't know much about it. Maybe that would be a place to start?

    1Reply
  • David RobertsonBusiness Member
    Flipper/Rehabber · Kansas City, MO · Member since 2010 · 757 posts · 779 votes
    7y

    Congrats on your first two properties!

    To help manage all of your subs it's generally a good idea to create a Gantt chart and project timeline for all of your major tasks & milestones.  This Gantt schedule will be used as the baseline for scheduling all of your subcontractors and making sure they complete their work as planned.

    You also may need a daily task manager for keeping up with daily-to-dos and tasks, but your notepad may work.  I actually use Google Keep quite a bit for managing daily tasks and thoughts.

    For task and gantt scheduling, I'm pretty sure Asana, Trello, Freedcamp, Wrike, Airtable, TeamGantt and most other project management softwares provide free basic plans.

    Flipping and rehabbing houses is a very repetitive business.  Your repairs may be different from project to project, but overall the process is basically the same.

    Thinking long-term, if you are planning on doing more rehabs after your first one, it's important that you start to create systems that you can duplicate for future projects so you don't recreate the wheel every time for every project.

    So if you go the software route, hopefully the system you choose allows you to make templates that you can reuse on future projects.

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  • George Blower
    Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    7y

    @Jaredith Mize

    Congrats! Best of luck!

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