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Updated about 5 years ago, 11/29/2019
How do you get multiple properties rehabbed in a single year?
Say you have enough money to buy 4 rental properties to BRRR in a single year. How do you get them all rehabbed in that single year? Do you hire a single contractor who works on all of them at the same time, or do you have to hire multiple different contractors to work on each property?
Also, how long do rehabs normally take?
Too many variables to tell you . I can get a house rehabbed in 30 days or it could take my crew 6 months . It all depends on what needs to be done
I am rehabbing multiple properties at the same time. It is not the fastest or most efficient way to do this. But for me it works as the place I am buying appreciates over 15% a year, so even setting empty they are going up in value faster than if the money was elsewhere.
I am doing some things in-house, my kids and I -demo, painting, floors, non-licensed things. I am also the person coordinating all the other folks.
For licensed things I hire someone and if I like them after working on our first in line house, ask for a quote for the second, third, and so on. So, the HVAC person has redone 6 properties this year and has 2 more to do, hopefully finishing in Jan. The electrician is on property number 5, with 6 more to do. The major construction guy finished 1 and has 2 left to do, each partially done. Roofer has 1 left to do, 5 new roofs this year! I am on my 3rd plumber and second major constriction guys. Second HVAC guy. If I do not like them they go away and I hire someone else to continue working on that area. Current plumber, HVAC, and major construction guys are good. All are aslo busy, so sometimes I wait. Some properties need all disciplines, occasionally one does not need an area fixed, or so I am hoping...
It would be much easier to hire a general contractor and just pay the bills, but have not found 'that' person here that I trust to have my interest in mind and who knows how to keep the ball rolling. Also a GC would be more inclined to do one property at a time, then move on. Since I have foreclosures, often strange things come up and with no schedule there is no or less stress when I have to deal with it. The way I am doing it, the ball is rolling, just real slowly at times.
I currently have 5 properties that are very close to being rented, so I hope!