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Updated over 9 years ago,

User Stats

11
Posts
1
Votes
Derek Hutchison
  • Investor
  • Blacksburg, VA
1
Votes |
11
Posts

More time, more money or less time, less money?

Derek Hutchison
  • Investor
  • Blacksburg, VA
Posted

I'm on the tail end of a flip right now that should net me about $25k from a $100k investment. I work a full time job and am doing all the work on my off days and in between 12 hour shifts. This wasn't my original plan, but my contractor ended up in jail for child support (again). I looked for a reputable replacement without any luck so I decided to tackle it myself aside from HVAC and the roof. I've saved a ton of money, but my summer was consumed by the house and it's taken twice as long as I originally planned for the reno. I wanted a 90 day flip and I'll most likely be 6 months instead.

My question is this; Am I better off maximizing my profit at the expense of a longer flip, or is the quick turn/less profit the better route? I've enjoyed working on the house, but I'll admit, I'd like to actually have a day off soon. I also missed out on an excellent flip last week because this one isn't done yet. Our market isn't seasonal like it used to be. Houses are bought and sold regularly year round so I'm not worried about the old philosophy of not having anything on the market outside of April to September from days gone by. Either way, it's almost done. More net profit on this one will be nice, but had it already been done, I'd have been able to but the one I missed out on which would have made another $25k-$30k net. I suppose I'm also looking for reassurance that the lost summer fun of 2015 will be worth it in the long run. Thanks for reading! 

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