Prattville, AL · Member since 2015 · 30 posts · 9 votes
Hello BP world
I am 4 months in on rehabbing my first rental property which is much longer than I expected. A large reason is due to the fact that my first child was born about 5 days after I closed on it so my time was quickly sucked up. A part of my bank loan included some money for rehab which was quickly used up on big ticket items (roof, hvac, drywall repair and paint). I am almost done with the rehab and it looks great, my question is how do you grow a rental property business and be hands off as much as possible during the rehab?
Establish a team of reliable contractors to call on as needed. Initially you can do it yourself but size demands efficiency. If you have a full time job investing in real estate becomes your second job and requires a time commitment. You must make it a priority as with your full time job. Short term pain for long term gain. Family time simply becomes part of the scheduling based on immediate priorities. Many have no concept of the time commitments rental property investing demands when first starting.require.
Unfortunately if you do not do it full time family will interfere with your ability to efficiently get the work completed.