HELP! I work construction project mgmt but am scared to flip!

[Julie Marquez]

I have a degree in construction management, and my full time job is working as a project engineer for a large general contractor in Seattle. I have been involved with real estate my entire life (thanks mom and dad), currently have one rental and help my dad manage his other 20+. But I am too scared to pull the trigger on a rehab property. I am mostly scared about managing subs and the rehab costs.

For my real job, I work on smaller commercial projects for the city, like office remodels or park bathroom upgrades. It's not that far off from a residential flip. I look at projects for the owner, develop scopes of work, hire all the subcontractors, and then manage them from start to finish. And it takes an entire team to get it done. I have my boss to really keep the subs in line and manage the costs, the superintendent on site managing the job, and accountant and project admin helping out, and other players if need be. So if I do all this professionally, why am I so scared to work on a little house? Or maybe I just don't want to do "work" as a hobby? My work projects are executed just fine, but it's no walk in the park, and maybe flipping is not the right hobby to supplement my real job.

I know newbies would kill to have a background like mine, but for some reason, I can't get myself to purchase that great deal sitting down there at the end of the street and just get started on this! I listen to all the podcasts and read all the stories and I know it can be done, I am just so cautious because I see the stresses of construction projects everyday. Any motivation to get me and my husband started would be much appreciated! Thanks!

[Manolo D.]

Julie Marquez I do all the same as what you described plus some more, it is all basically the same process but you need to add more stress because of the unprofessional contractors that we are used to. They are usually 3-men crew as opposed to 10 fleets. They do less perfect work and most couldn't even understand what plans mean. This is something that you need to consider. On the other hand, these guys are more of the visual type and know where you can save, and I always say buy the materials yourself and all that. You don't need a super and project manager, you will however need to absorb all that responsibility.