Investor · Falmouth, KY · Member since 2016 · 37 posts · 13 votes
To date, we have flipped 2 houses and purchased 3 rental units since June of last year. The most recent rental purchase is not ready to rent. My husband does most of the work but it is taking so long. I've tried everything I can think of to convince him that it would be better in the long run for us to hire the work done, get them rented and move on but it's not working. We purchased a duplex that took 6 months to get rent ready. That's nuts!
So I'm looking for any resources that I can use to show him or prove to him that his way is not the way to go. He enjoys most of the work and I do too but, we cannot continue to go at this snail pace and I'm looking for help. Suggestions please!
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
9y
@Sonya Antrobus I see it from both sides. In his mind he enjoys the work, and doesn't have to pay contractor pricing. He sees it as win win. However from the other side of the coin, him taking 6 months to do, verse paying for it and having it rent ready in 2 months, obviously makes a lot of sense.
Truthfully, there is no exact equation to say what is better. If he can complete the renovation for $30,000 in 6 months, and a contractor can complete the renovation for $50,000 in 2 months... you have to look at the rent loss, holding costs, and where your husbands time could have been spent in those extra months.
Do you have the funds/ability to do multiple projects at once? Maybe pay contractors for the rental properties, and have your husband work on a flip? Maybe have him take on some of the scope of work in the rental while paying subs to do the tedious tasks (Painting, tiling, flooring, etc.).
Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
9y
It's hard to let go, but he should. Start with letting go items that are easy to subcontract. I find roofing, windows. And all the utilities: electric, HVAC and rough plumbing.
Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
9y
It's barely been mentioned the difficulty of getting contractors who care as much as you do. Or do the same quality every time. I'm finishing up a unit that I had a contractor gut, rock and tile the kitchen & bath. The list of sloppy work I had to redo goes on and on, and tile is VERY difficult to redo! They didn't pitch the windowsill and inset in the shower, so it will puddle, leak and rot the wood. I have done the fine carpentry of rebuilding the classic moldings, each window case is 23 separate pieces of wood, you simply cannot hire people to do this for anything but a luxury resale.