How do you guys manage your rehab contractors if you have a fulltime job? Do you find a handyman and have him manage it, hire a project manager, hire a professional GC, etc? How about in the case where you have 4+ houses going at the same time?
Myself and my partner work fulltime making good money and we tried a route using a project manager. Basically a guy not skilled in rehab work, but he performed alot of tasks that myself and my partner could not do 9-5 because of our jobs: finding contrators, managing them onsite, replacing them if they fail to show, picking up supplies for contractors, etc. This allowed us to finish jobs sooner, therefore save a mortage payment or two before it goes for sale. The issue we have is with the longer days on market now, it doesn’t make sense to have this guy sit around for 3 months while we wait for our two houses to sell.
We’re fortunate in that my wife is a self employed EVENT COORDINATOR. She’s my PERFECT (and cute) project manager. Plus we do most of the work ourselves nights and weekends.
If you’re in the Dallas area, you two should talk.
This is not a glib comment but you might try wholesaling your houses to people who do have the time to manage the rehab on their own penny. If you are good at acwuiring the deals the build you r contact list of people who are looking for them. Build in a tidy $20K for yourself and keep your weekends free.
Another option would be to partner up with somone who can do the work and has more constuction experience. I am new to investing but met a local investor through my local REI club who wants to do rehabs. He will handle the purchase and financing and I will do most of the work. Just my .02 cents. Good Luck
try doing less projects at once. just pick the best ones and leave the rest for someone else.
I’ve got a pretty good pipeline in a couple areas but found I have limit myself otherwise I would be working all night (have a full-time day job) as opposed to staying up to midnight several nights a week.