How long should it take to flip?

Question

J Scott · Answer

My first rehab project took about 6 months.  These days, we can build new construction in less than six months.  Sometimes it takes 6 months just to get permits.  Sometimes, we can wait almost 6 months just to be able to paint the exterior of a house because of the weather.  Sometimes, we can turn over the same money three times in 6 months by doing three quick rehabs.

In other words, there is no right or wrong answer to your question.  It depends on you, your experience, the amount of work needed, the location, the permitting process, the weather, etc.

Ideally, I like to get from purchase closing to sale closing in 90 days.  But, that's not always realistic.  Sometimes it's very easy.

David Chwaszczewski · Answer

@Brandon Trafford This is a loaded question....What kind of work?  Are you just doing cosmetics? Are you having to pull permits? Does it need roof, electrical, plumbing and drywall repairs? What size is the house? Are you doing the work or hiring contractors?  Are you hiring just one contractor to do all repairs or are you are you doing trade specific?  I can go on, but you get the idea....

Here is the average times for what our homes take.

1100SQFT - 2500SQFT Cosmetic rehab - Demo, cabinets, counters, mecanicals, paint, roof and flooring and any issues that will need to be addressed with the overall product- 3-4 weeks. Sometimes less.

1100SQFT - 2500SQFT Complete renovation down to studs and replace everything up to code - New mechanicals, frame work, exterior work, insulation and drywall then all your finishes 8-12 weeks.  Weather plays a factor in the timing.

We hire trade specific subs and pull permits for what we do.

Hope this help some!

Corey Woodruff · Answer

So based on the 70% rule which means that you should not pay any more than 70% of the after repair value (158,000) minus rehab. So 70% of 158,000= 110,600 which means that your repairs should be around 20,600 for it to be a good deal (on paper anyway). BUT! dont go based off of what the property is assessed at, go on sites and find what homes in your area that are similar to the home you are looking to offer on ( similar, square footage, bedrooms, bathrooms, acres...etc) Do your own homework to find out what that house will sell for NEVER take someone elses word on it. (the book on flipping houses By. J. scott i believe thats the title) But from the all the podcast with flippers on it it seems the averages you want to remodel in is about 30-90 days because the longer it takes the more holding cost you will have to carry. After you are finished with the remodel hopefully it sells within 60 days. whatever your planned cost are make sure you HAVE A RESERVE FUND because when it comes to flipping houses you can never be 100% accurate! I dont know his full name but they had a podcast with Danny ?? and he was amazing!!!

Joshua D. · Answer

@Brandon Trafford

There are no averages on your first flip...  If some one got on here and wait it takes them 3 months to rehab a house. That would only mean it takes THEM 3 months.

How long will it take you?  On my first flip I was so worried about holding cost, we did a complete gut rehab, start to finish, in 42 days.   We did most of it ourselves and I worked full time during that as well.  I did not sleep.

So much of it will depend on weather you are hiring out the labor or doing it yourself. Or if you have contractors all lined up and ready to go. How extensive the rehab is. Permitting process. Etc...

The short answer is... It depends

Thomas S. · Answer

How good is your team, how reliable are they to show up when scheduled, are you a priority client, do you have a GC or are you the GC.

Based on this being your first I would guess at best it will take twice as long as you hope and cost 25% over budget.

Good luck

Account Closed · Answer

A renovation project should take as long as it takes to do a good job...and not one day less...or more!  :)

How long should it take to flip?

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