How many rehabs have you done at one time?

Rehabbing and House Flipping 29 Replies

Hello all. As title states, I'm curious to know how many rehabs you have done at one time simultaneously. It doesn't have to mean at the same stages, but in one way or another be in the process of the rehab.

Thanks all.

Speaking for rehabs I'm doing only for me... 3.

Speaking for maximum number of renovations I've been running at the same time? 14.

Once you get past 5-7, things can get really hairy if you don't have a good support/office staff in place. Online scheduling programs help A LOT.

Don't remember exactly, but somewhere in the 7-8 range.

As Aaron says above, once you cross that threshold, you need to have one or two employees (plus some good systems) to assist, as things can get pretty disorganized very quickly.

Medium lishproplogoJ Scott, Lish Properties, LLC | [email protected] | http://www.123flip.com | Podcast Guest on Show #10

Two. :)

17... eleven rental units and 6 retail deals. All completed start to finish in 5 months.

The scariest thing is how fast cash flows out of your business when multiple renovations are underway. Very scary!

A strong team, loyal well trained employees, stong lender relationships, and being just plain crazy will get your through it!

LOL thanks

15 single-familes going right now, about a half dozen finishing in the next week with just as many starting right behind them. Average turns 3 to 4 weeks. 3 project managers and two in accounting, I wouldn't want to try it with less. In addition to the SFRs, averaging about 4 to 6 apartment units per month lately, down from about 15 per month earlier this year. @Peter Giardini is right, the movement of cash is interesting to watch!

Medium praxis capital logo cmyk stacked 900pxBrian Burke, Praxis Capital, Inc. | [email protected] | http://www.PraxCap.com | Podcast Guest on Show #3

This thread somewhat goes hand in hand with the one below;

http://www.biggerpockets.com/forums/67/topics/67674-is-it-possible-to-rehab-a-100-houses-a-year

Encouraging insight from fellow members. Thank you all for sharing. :)

I'll offer a little different perspective from the rehabbers. I'm a buy and hold investor who also works full time and self manages my rentals (currently 11 units). I oversee the rehabs but don't swing a hammer or anything. The most I've ever done at one time is two, and that was the most I could probably reasonably handle.

The most I have done is 5. I have 3 in remodel now and 2 pending on the MLS. I have a PM though and that helps a lot. It takes too much time managing them and also looking for my next remodel.

Three (3)

Medium imageJames Martin, JK Homes | [email protected] | 901‑352‑1345 | http://www.jkrealtyservices.com | TN Agent # 320422

The 2-family I renovated and am now holding was the only one at the time.
Working full time in the city with my buys in the suburbs it is hard to imagine doing more than 2 at a time. I suppose if I had a full time job where I was more "in the field" or closer and could stop by I could do more.

Originally posted by John Chapman:
I'll offer a little different perspective from the rehabbers. I'm a buy and hold investor who also works full time and self manages my rentals (currently 11 units). I oversee the rehabs but don't swing a hammer or anything. The most I've ever done at one time is two, and that was the most I could probably reasonably handle.

My situation has been similar to yours, John, with 3 at one time at the most. Quaility suffered a bit, but I learned. Looks like I may have 5 spec builds going at once before long, but I am semi-passive on 3 of them.

[email protected] | 214‑929‑6545 | Podcast Guest on Show #46

I have a rehab going on plus my own home up for sale. That is about all I want to handel while holding down a full time job. The experience has taught me that Hiring agents and contractors is not a "bad" thing.
Don

I would be lying if I answered this with an "I" in it. My family owns the company and we have superstars who run our rehab companies.

The most active jobs we've had at one time is 48 single family homes here in Memphis. They've completed 281 jobs so far this year averaging just under 17 days to complete and spending on average $18,394 per job. The entire process comes down to hiring or contracting with excellent people who see the big picture and know they are going to get consistent work if they do the job right, on time and on budget. We also use a ton of technology to monitor and track jobs as well as speed up processes that can get slowed down by having so many deals going at one time.

Medium memphis invest logo 2015Chris Clothier, Memphis Invest, GP | 901‑751‑7191 | http://www.memphisinvest.com

Im kind of a one man show (with the exception of my subs) and the most Ive had going at one time is two. Hopefully I will have a lot more than that going on in the future.

We have 20 flips, 11 rentals, along with 2 dozen notes working right now.

It takes my partner and I, along with two assistants, and almost a dozen contractors to make it happen

As others have said, it comes down to having strong systems in place and technology to manage it all and keep it organized.

There are a few companies here in Vegas that have a couple properties at a time. They sell more homes than the largest homebuilder's are!

Chris Clothier, I'm strongly considering coming out to Memphis to see you and you family's operation next month. It looks quite interesting.

Medium sunbase logoJesse Tsai, Sunbase Homes | [email protected] | 7023243426 | http://sunbasehomes.com | NV Agent # S.180768

Jesse, if you don't mind me asking, how do you find majority of your deals? Do you pay your contractors with them paying for material as well as labor or do you pay for materials?

Thanks.

We currently are working on around 70 flips anywhere from just acquired to currently listed. I am not the principal of the company but am in charge of the acquisitions department. We currently have 9 employees plus countless number of contractors and always looking for more if anyone knows anyone working in the Chicago land area. We are always buying with cash if anyone has any deals in the Chicago land please send my way.

3 is my happy number.. 1 under to contract to purchase, 1 in renovation, and 1 contracted for sale...

Have 4 going right now and it's kind of a pita trying to put together 2 crews...

Originally posted by Peter Giardini:

The scariest thing is how fast cash flows out of your business when multiple renovations are underway. Very scary!

When I used to be more into rehabbing and flipping, I referred to this as high tide, low tide. Seemed like it was low tide a lot more than high, but when it came back in, it was like a tsunami. Then I'd have to hustle like crazy to send it all back out. Good times!

Aaron Mazzrillo, Advanced Home Sales, Inc. | http://www.aaronthehousebuyer.com | Podcast Guest on Show #37

@Greg P.,

Our properties come from a variety of places.

We get a lot from auction companies like auction.com. We also source some properties from local wholesalers, the MLS, and from relationships we have with other agents who call us when they have a good deal that needs to close.

We used to get a majority of our properties from the trustee sale, but lately, the margins there have been paper-thin.

As far as contractors go, we pay for the materials. We actually stock a lot of commonly used materials like light fixtures and bulbs, faucets, locksets, and flooring that we get on closeout in our office, and just give the contractors the materials needed when we assign them the property. Anything else that is needed is picked up by the contractor, and we reimburse them, or do a phone order if they are tight on money.

Medium sunbase logoJesse Tsai, Sunbase Homes | [email protected] | 7023243426 | http://sunbasehomes.com | NV Agent # S.180768

For those that have replied they are doing multiple rehabs at a time, is there any particular software or computer program you use to keep track of all your properties and rehab status?
Thanks.

Bryan, you gotta be kidding me 70 rehabs at once? Cmon lol

Originally posted by Gabe Cole:
For those that have replied they are doing multiple rehabs at a time, is there any particular software or computer program you use to keep track of all your properties and rehab status?
Thanks.

Gabe - We use Saleforce.com. It started as a CRM program, but today you can customize and build off of its platform to integrate a lot of different programs. We actually built an I-Pad program to manage the renovation process. So when we look at a property that we want to purchase, one of the guys on our rehab team can start a file on that house in Salesforce and record the data we want on it. We built 380 questions into the program so he answers those questions, the program has calculators built in and he can use the I-pad to take pictures at the same time. He can open the Voice-to-text to record details and when he is done he hits a button and all of the data prints at our offices in the formats we want - spreadsheets, word docs, work orders for rehab crews and materials lists.

Then, from that same program, we manage the rehab and track progress including time-stamps as to when things were checked. That time stamping helps us manage rehabs in two different states. With that program, you can print real time reports on what you have working, how much you have spent (and how much more is left to do and spend) and manage when properties are ready for home inspections and appraisals. When the whole process is done, we print out a complete Scope of Work for the investor that purchases the property so they can see and read everything that was done and what was spent.

Medium memphis invest logo 2015Chris Clothier, Memphis Invest, GP | 901‑751‑7191 | http://www.memphisinvest.com