DIY vs contracting it out

[Michael Marcoux]

Hi BP,

New rehabber here. Been working on my first project for almost 2 months now. Bought it for 81k, ARV of 210k. I'm learning a lot, and they're unforgettable lessons (i.e. the hard way.) One of the ways my partner and I have been trying to decrease costs is doing as much of the labor ourselves as possible. While it was a nice idea at start, after 2 months I (and he, to a lesser extent) are absolutely burned out from the non-stop work. And then I work my own job after we work 10 hours 6 days a week...

That being said, I'd love to know - how much work do you guys do yourself and how much do you contract out? Is it common/possible to find deals where you can contract 80-90% of the work out and still make a decent profit? 

Sincerely,

One freakin' tired rehabber

[Kathleen Leary]

It's all about the money. Do you have more money than time? Pay somebody else. More time than money? Do it yourself. 

If you can make more money doing something other than rehab (full-time job, investing, etc.) than it costs you to hire out the work, there's your answer.

But if you just love doing the jobs yourself, do it! Just keep in mind that you're not maximizing your income that way. (I'm texturing a ceiling later today - guess which camp I'm in?)