transition to a full-time flipping / BRRRR business
I've done about 10 rehabs of residential property and currently own 5 rentals. We're rehabbing a mid-century modern rental at the moment. I also own a home that I plan to rehab next. We enjoy the projects and the work and I'd like to make this a full-time business. We've mainly bought properties to BRRRR and will continue to do so, but adding flips would allow us to do more projects and generate more income beyond the cash flow. We typically work in the $200-400k price range, though there are higher priced properties in the area that I'd be interested to do.
Any advice on how to professionalize our flip/BRRRR business:
- minimum profit target $ or % of ARV? ($20k on a $250k ARV?)
-number of flips per year? (plan to do 6 initially @ $250-350k ARV each?)
- time frame for a rehab (max 2 months for kitchen, bathrooms, painting, floor refinishing, updating all appliances & fixtures?)
- how many contractors to have available (minimum crew of 2 painters, 2 carpenters, 1 electrician & 1 plumber & 1 HVAC if needed?)
- how to manage project design documents, invoices, receipts to track 2-3 projects at a time
- any other advice would be appreciated!