Part Time v. Full Time in competitive markets

[Jeffrey Stasz]

Hi everyone. 

Would like to get some perspective from folks in the flipping business. I live in a very competitive area (Brooklyn) and looking to start my business in two additionally competitive areas (Hudson Valley and 2 zip codes in DC). I can't afford to start out in Brooklyn but I can start in DC and the HV and familiar with the markets. 

Here is the thing: I work a competitive job (around 70hrs/wk) and that does not leave a lot of extra time to chase deals, network or put my team together. I'm wondering what people's perspectives are on trying to do the my first couple deals  part time vs. just going all in and going full time. 

I have a construction background and was planning on being very hands on with my renovation. 

My question: In these super competitive and expensive markets is it possible to be a part timer or do you really need to go full time to be competitive? 

[Robert Williams]

Hi Jeffrey,

I'm a developer in Washington DC and I started flipping properties part-time.  I own a residential real estate brokerage and was working full time as an agent when I got into flipping.  Granted, there's a lot of overlap and complimentary skill sets, but I'd say my first deal took only about 10 hours of work per week max.  

Now, I think it would be a lot more difficult to flip a property if you don't live in the area.  I think it's critical that you visit your flip site at least once every two days while work is underway, especially since you have a construction background.  Stay local if possible...otherwise you'll need to allocate more time to the project for travel, etc.

-Rob