subject: Solo Rehabbing Pros And Cons [print this page] Rehabbing houses on your own has advantages and disadvantages. To help you decide on whether you are going to fix and flip a property on your own or hire a group of workers, here are a few things you might want to consider.
Going solo on rehabbing houses is for handymen. One reason why fixer upper homes are also called handyman specials is because they are a source of both work and leisure for handymen. These people like maintaining properties and doing odd jobs. If you are a handyman and you have the set of skills needed for this job, then go on and go solo. And if you dont have the skills, then it would probably be better to contract workers.
Some of the repairs you must know are replacing pipes and plumbing fixtures. Electrical and lighting fixtures must also be within your expertise. Take note though that some local governments require professionals to repair electrical systems. Be sure to check the local rules in your area before doing any of this work. Applying a fresh paint of coat may seem like a grade schoolers job but you end up spoiling the beauty of a house if you dont know how to do this right.
Going solo on rehabbing houses is for people with time. If youre working as a full-time rehabber, then you can probably go solo. But if you have an office job and are only able to attend to your project a few hours a day and on weekends, it might be better to contract workers for it. Always remember that fixing and flipping houses is a fast-paced business. A project should not take months. A few weeks is still fine. You must not hold on to a property because you are flipping it, right? Properties lose value the longer they still idle. The same goes why selling the property. You must sell it immediately after repairs are completed. Expect it to depreciate once it stands in the market for more than 90 days.
Going solo on rehabbing houses is not for lean wallets. If youre working on a very limited budget, it would be better to go solo. You could use labor costs for other repairs instead. But if you have the resources and are under time pressure, it would be better to hire workers for your project. More workers mean less time to complete the project. That also means you can immediately move to your next prospect.
To help you make your choice, to go solo or not, check out articles and videos at rehab-real-estate.com. The website is designed to help beginners in the field of rehabbing houses.
