Should I do the rehab work on my flips??
I am asked this question constantly! There are two sides to this both with valid arguments!
If I do the rehab myself I will get to keep 100% of the profits!
While this is true, it is a lot of work rehabbing properties!
Taking on these projects by yourself will send you into a complete overwhelm physically, mentally and financially!
By doing this you will grow to hate real estate and walk away from the opportunity that will change your life!
The other extreme is hiring a general contractor to handle all of the rehab work for you.
I cringe a little at being completely hands off on my investments as I feel it opens up too much opportunity for people to be dishonest!
Yes people will steal from you when given the opportunity!
Here is my approach to flipping houses. DO NOT take on the full rehab work yourself! Always hire qualified individuals to handle the work BUT you remain in the drivers seat. When you visit your rehabs on a regular basis and keep your presence know to the crews this will cut down on the opportunity for them to overcharge or pad hours.
If you happen to be understaffed and deadlines are coming up then there is nothing wrong with throwing on the old clothes a pair of gloves and getting dirty! I actually did this over the weekend to keep us on track! I’m just suggesting you do not take it on full time as you will grow to hate real estate investing instead of loving the real opportunity real estate investing can provide you and your family.
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