Towson, MD · Member since 2015 · 161 posts · 44 votes
Is it realistic to do a flip working a nearly full time job if I can find a reliable general contractor? I am preparing and researching for a local flip in Baltimore, MD in the near future. I can make my own hours for my day job, and I can be available in the mornings/late afternoons during the weekdays when needed to check on the property, but I aim for full time day job work in order to have enough to set aside for investing. Any input is much appreciated.
Real Estate Agent · Tuscumbia, AL · Member since 2015 · 47 posts · 26 votes
10y
We've flipped two houses while working full time. We didn't have a gc just a handyman and a helper. Our flips were mostly cosmetic though. Does your full time job have the flexibility for you to field a phone call or make one whenever needed? Could you get by the job site once a day at a minimum? Those are the type of things we've seen and had to do. Are you comfortable giving a key to a contractor or hiding one somewhere or are you going to have to meet them there every time and let them in to feel good about it. Do the hours of your job coincide with the hours of city people like utility and inspectors? There will be times where you will have to go and be there during the work day. It is stressful and requires a lot of plates to stay spinning but it can be done. We are closing on our third one in the coming weeks and I'm already working ahead to get things in place for when go time comes. I'm a high school band director by day so my job is pretty full time. Best of luck.
Flipper/Rehabber · Tustin, CA · Member since 2015 · 433 posts · 103 votes
10y
I totally think it is. My wife and I completed our first flip last year and both have full times jobs plus two kids. It's busy..but you just deal with it and make it happen and you get results. Any day we had off we felt like we were constantly going to the property..even on days we worked..sometimes we'd have to go early to do something or go after work...we did it, though. You do what you need to to get it done.
Real Estate Agent · Snohomish, WA · Member since 2015 · 69 posts · 31 votes
10y
I would suggest finding a property close by, and one that doesn't need major renovations. Have a good plan in place before closing so that you head start when the property actually starts costing you money. Even with the best contractor, you will need to walk the property often. Email, texts and phone calls do not compare with the results of a face to face discussions. Good luck!
Investor · Bossier City, LA · Member since 2015 · 55 posts · 21 votes
10y
@Mary Shea what is your definition of major repairs?
Wouldn't you be able to convince a seller, and get a lower price, on a property that had significant damage, versus one that just needs some paint and carpet? I'm not saying get one with a crumbling foundation, but does that make sense?
Macomb, MI · Member since 2015 · 141 posts · 45 votes
10y
Great question. My wife and i have been throwing this around since we're ready for buy and hold #2. Thinking about doing a flip, but a little intimidated by the process and lack of time
Real Estate Agent · Tuscumbia, AL · Member since 2015 · 47 posts · 26 votes
10y
We've flipped two houses while working full time. We didn't have a gc just a handyman and a helper. Our flips were mostly cosmetic though. Does your full time job have the flexibility for you to field a phone call or make one whenever needed? Could you get by the job site once a day at a minimum? Those are the type of things we've seen and had to do. Are you comfortable giving a key to a contractor or hiding one somewhere or are you going to have to meet them there every time and let them in to feel good about it. Do the hours of your job coincide with the hours of city people like utility and inspectors? There will be times where you will have to go and be there during the work day. It is stressful and requires a lot of plates to stay spinning but it can be done. We are closing on our third one in the coming weeks and I'm already working ahead to get things in place for when go time comes. I'm a high school band director by day so my job is pretty full time. Best of luck.
Real Estate Agent · Tucker, GA · Member since 2016 · 90 posts · 144 votes
10y
It's doable. Just don't expect to have any free time to do much else. It's stressful. I am
Just wrapping up my project and it's been a process. I also work full time and have a small baby. It is pretty stressful. Anytime off that I had I was basically working on the getting everything together for the house.
Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
10y
Just like anything else, rehabbing is still a business, it still needs your attention and time. This case you're the company owner and the people working around it is your employees. That is why a system needs to be in place before anything you dive into it. You don't see the CEO of walmart being at their stores, but when he bought his first few stores, he babysat it to make sure it makes profit.
Shawnee Mission, KS · Member since 2016 · 716 posts · 313 votes
10y
Your ability to find a good contractor can be a deal breaker.I know lots of folks in many trades so I don't have to go at it blind.I would network find a investor in your area find out who they use typical that should help in that they got a deal of some type .You need to be on the job inspecting the work, researching what is the best option down to the toilets . Yes that can be border line micro managing just don't cross the line,once you do a couple it is much easier .
Investor · Central America, Panama · Member since 2010 · 423 posts · 293 votes
10y
You may be able to make as much profit, and have less risks and stress, if you just wholesaled the property?
A rehab takes time and a lot of cash infusions.
While someone else is tied up in rehabbing that property, (and their cash is tied up too), you could go out and find 2-3 or 4 more properties to wholesale.
Do you really want to be tied down to a rehab for months? Or just make the money and move on?
Just like anything else, rehabbing is still a business, it still needs your attention and time. This case you're the company owner and the people working around it is your employees. That is why a system needs to be in place before anything you dive into it. You don't see the CEO of walmart being at their stores, but when he bought his first few stores, he babysat it to make sure it makes profit.
Rental Property Investor · MA · Member since 2015 · 22 posts · 12 votes
10y
It is definitely realistic to do a flip while working a full time job. I just finished and sold my first flip in 2015 all while working full time. I recommend having a reliable contractor whom you have worked with previously on other projects. Maybe you both haven't worked together but a friend/co-worker has used them before and recommends them. Communication is key, so make sure they are great at updating you with progress through calls/texts/emails. Make sure all contractors that you work with have reliable vehicles and cell phones. You have to be available to take calls/texts because many things come up during a flip that will need your immediate decision making. Be ready to invest all your spare time into the project including early mornings, nights and weekends. It would be wise to choose a property within a short driving distance from your job or home. It's a lot of work but definitely worth it! Good luck and make it happen!!
Herriman, UT · Member since 2016 · 12 posts · 6 votes
10y
I haven't done a flip yet, but I have been reading and learning about the process before I dive into it. Good luck with the investment, and post about it when your done. I'd be excited to hear about it!
Residential Real Estate Agent · Philadelphia, PA · Member since 2013 · 82 posts · 33 votes
10y
Im just about to get started on my third flip. The first two I have done with partners and this one I am doing on my own. I have a full time job, a part time job and am a single mom. Its definitely doable! But as a previous poster stated, you must have flexibility at your job. At my job, I am able to take calls, texts, send emails and I have a lot of downtime that I can handle anything that needs attention. The contractor is also key. If you have a contractor who doesnt show up, is hard to communicate with or isnt easy to work with, it will make your life a living hell. The contractor will make or break you. And I also agree with staying close to home. My last flip was right around the corner from my house and it was great to be able to visit the job site every morning and after work to make sure that everything was flowing. Good luck!!!
Towson, MD · Member since 2015 · 161 posts · 44 votes
10y
Wow, thank you all for the helpful input. My definite plan will be to have a GC lined up before closing, and one that is obtained by reference/recommendation. I know getting a decent referral may be challenging because investors may save their preferred GC's for themselves so they are available for them when they need them. Anyone ever used Angie's List to find a GC? I'm thinking about that route too.
@Mary Shea@Nicole Clemens @Account ClosedThank you. We are definitely looking locally, within a 15 minute drive from our home. We are actually going to do some driving around today in 1-2 neighborhoods in Baltimore City that are close to home.
@Manolo D. makes sense to have a system in place. I'm assuming that would mean an understood system of communication with the contractors, preplanned order of rehab, frequency of site visits/inspections, etc. Am I on track or no... What aspects of a system do you mean more specifically?
@Nicole Clemens My job can be flexible. I can adjust my hours of start and end, some availability during the day/lunch, access to texting/emails readily.
Towson, MD · Member since 2015 · 161 posts · 44 votes
10y
@Jackie Lange regarding your comment, great points: "You may be able to make as much profit, and have less risks and stress, if you just wholesaled the property?
A rehab takes time and a lot of cash infusions.
While someone else is tied up in rehabbing that property, (and their cash is tied up too), you could go out and find 2-3 or 4 more properties to wholesale.
Do you really want to be tied down to a rehab for months? Or just make the money and move on?"
---- Wholesaling definitely sounds appealing, and may be something I will consider in the future once I have a network. I guess the idea of marketing to find a buyer once I've put a contract in does not seem very attractive to me. I would rather be on the improvement side and have a realtor help me sell after rehab, at least to start. I would at least like to have done a few rehabs before adding wholesaling with knowing that I am pricing correctly.
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
10y
I did my first flip while working a full time (55-60 hours a week in Construction Management) and also doing about 75% of the flip myself. It was very daunting, but got me to where I am now (100% flipping houses)! I missed a lot of time with family and friends, but it showed me what I really wanted to do!
Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
10y
@Angela DeBorja As most others have said, yes you can but you absolutely need a good GC. I've done a dozen flips while working full time. I have a family and kids and 14 rentals. It doesn't have to take a ton of time. But it all comes down to the contractor. Do not underestimate how difficult it is to find a skilled, reliable contractor. We all have horror stories from using the wrong ones.
@Angela DeBorja As most others have said, yes you can but you absolutely need a good GC. I've done a dozen flips while working full time. I have a family and kids and 14 rentals. It doesn't have to take a ton of time. But it all comes down to the contractor. Do not underestimate how difficult it is to find a skilled, reliable contractor. We all have horror stories from using the wrong ones.
This is exactly why I am not rushing into a flip. Family is always first and I can not take on a flip with my other rental right now. Right now I have 50% of a team assembled to do a flip. A bad GC could devastate me right now.
remember, this is a marathon, not a sprint. at least for me
Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
10y
Angela DeBorja Yes, all of those, to add, where to buy materials, who buys them, when to buy them. Monitoring what has been done, in case something is wrong, who solves it, in case there is a need for an emergency cash, who takes care of it, in case that problem needs to be resolved within an hour, how do you handle it? when does your contractor bring you samples? I'd suggest you bring this out before commencing any contract.
Real Estate Agent · Richardson, TX · Member since 2014 · 511 posts · 161 votes
10y
@Angela DeBorja It's very doable. The key aspect on rehabbing a property is hiring the right contractor. I just got my first flip under contract and I only had to check on my project weekly. It is crucial to set up an optimal/realistic payment schedule. You pay too much upfront and there's a good chance the project will be delayed. Make sure you know your contractor very well, check references etc.
Investor · Central America, Panama · Member since 2010 · 423 posts · 293 votes
10y
" knowing that I am pricing correctly."????
If you are not absolutely sure that you bought at the right price, what your rehab costs will be, what your holding costs will be, what you can sell it for, and what your closing costs will be, then doing a rehab is a VERY RISKY business to take on.
Investor · Little Rock, AR · Member since 2016 · 4 posts · 0 votes
10y
Not only do I think it's doable but we are doing it. We both have full time jobs and a family. I have the most flexibility (and construction experience) so I meet with our contractor at least once a week. We go multiple times a week to check progress and confirm adherence to the plan. Also, I want to know what's getting done for the draws I am paying (this helps me predict costs on future projects). Two big keys for us are: property located less than a mile from us and a contractor with crews we trust. This is our second project with this contractor and it's not perfect but we are constantly perfecting our sub list. We communicate by phone, text, and in person. We learn something every time! Most importantly, we love the process! Yes, the process is part of achieving our goals but we really love taking an old building (typically historic) and breathing life back in to them and the neighborhood. Enjoy it!!
Rental Property Investor · Washington Township, NJ · Member since 2015 · 1k+ posts · 976 votes
10y
I hope so because that's what I'm trying to do!
But you'll find tons of people on BiggerPockets that are doing this, many of them even commenting on this thread already. Just make your plan and be disciplined enough to stick to it, and you'll be solid.
@Angela DeBorja As most others have said, yes you can but you absolutely need a good GC. I've done a dozen flips while working full time. I have a family and kids and 14 rentals. It doesn't have to take a ton of time. But it all comes down to the contractor. Do not underestimate how difficult it is to find a skilled, reliable contractor. We all have horror stories from using the wrong ones.
That is sooo true! Finding a GOOD contractor is very important and can be very difficult.