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Updated over 7 years ago on . Most recent reply
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Why shouldn't I do all the work myself?
To date, we have flipped 2 houses and purchased 3 rental units since June of last year. The most recent rental purchase is not ready to rent. My husband does most of the work but it is taking so long. I've tried everything I can think of to convince him that it would be better in the long run for us to hire the work done, get them rented and move on but it's not working. We purchased a duplex that took 6 months to get rent ready. That's nuts!
So I'm looking for any resources that I can use to show him or prove to him that his way is not the way to go. He enjoys most of the work and I do too but, we cannot continue to go at this snail pace and I'm looking for help. Suggestions please!
Most Popular Reply
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@Sonya Antrobus I see it from both sides. In his mind he enjoys the work, and doesn't have to pay contractor pricing. He sees it as win win. However from the other side of the coin, him taking 6 months to do, verse paying for it and having it rent ready in 2 months, obviously makes a lot of sense.
Truthfully, there is no exact equation to say what is better. If he can complete the renovation for $30,000 in 6 months, and a contractor can complete the renovation for $50,000 in 2 months... you have to look at the rent loss, holding costs, and where your husbands time could have been spent in those extra months.
Do you have the funds/ability to do multiple projects at once? Maybe pay contractors for the rental properties, and have your husband work on a flip? Maybe have him take on some of the scope of work in the rental while paying subs to do the tedious tasks (Painting, tiling, flooring, etc.).