Balancing cost savings vs delay of rental.
I recently purchased a SFH to run through BRRR. My budget was based on a split of hiring some of the rehab work but putting in my own time on the bulk.
A number of factors are WAY slowing down the process and pulling me away from this project. So I’m faced with hiring the remainder of the work to get done in the next 30-45 days or continuing my work and looking at 5-6 more months before I can rent and losing that rent.
When faced with this dilemma (blowing budget vs losing rental) how have you looked at it and calculated? Obviously dollars lost vs dollars saved is a quick way but I’m wondering if that is an accurate picture.
I’ve checked with other landlords and local realtors and they tell me this area continues to rent year round (not much of a winter lull).
I’ve farmed out the roof, electrical, HVAC, and drywall work. I was planning on my labor for the following: repairing structural damage on front porch, replacing 6 windows, adding a half bath, painting all rooms, new appliances, replumbing, and new vinyl plank floor.
Time is money?? Every month of lost rent multiples the losses by the FMR - - get the job done and start marketing in the last 30days to completion.
Why does it take that long? Sub them out and get a bunch of people in there. Unless it is a personal residence, you don't need quality work, good is enough for a rental.
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