Updated almost 7 years ago on . Most recent reply
Project Management at Work Translating to House Flipping?
Hello BP Community,
I was wondering if anyone has experience in their full time job (if it is not flipping houses) that directly translates or contributes to contractor/project management as it relates to flipping houses.
For example, I am a new investor working full time as a chemical engineer. My job involves managing medium budget rehabs of Industrial Boilers (Budget of $1,000,000) over a 3 month period. This includes defining a work scope, Bidding to multiple contractors, scheduling work over a course of 1-2 months with multiple contractors doing different work, inspecting work done, adjusting to unforeseen discovery work.
Most of the work that goes on in these boilers is welding, electrical, and mechanical (refractory work, cosmetic work, work on machinery). I, having no experience flipping houses, was wondering whether this experience would be directly applicable to managing a house rehab.
Not knowing the process/complications that arise with house flipping, I was wondering if any of the experienced house flippers out there could elaborate on their experience with managing a rehab/flip. Any nuances to the process may not translate over well from my personal job experience.
Also if anyone has a similar full time job that synergizes with their real estate investing, I would love to hear about how!