House flipping time needed?

[Steven J.]

I'm starting to research rehabbing more and I'd like to understand the process a bit more in depth. I feel I have a decent understanding of how to run the numbers (you get better with it through experience) and I understand how important it is to have a plan and to find qualified and trustworthy GCs. What I don't understand with flipping is exactly how much time is involved with the flip. One has to find a deal, and have the team and money in place and then take off. How busy is the schedule for the flipper at that point? Is this something someone can do with a full-time 9-5 job or is that pretty out of the question?

If any one experienced in this field could give a day-in-the-life or even a glimpse at a week it would be appreciated!

[Bryan L.]

Here's something about rehabbing: it's similar to regular construction or home building in a lot of ways, but can also be very very different. You will have to analyze and asses a situation and make a decision. For example, do I sand and paint these old cabinets, or tear them out and install new ones? This floor has a 1/4" step in it as we go from the living room to the dining room - how do we work with that with our laminate flooring? Do we try to feather in the difference, or do we put down a transition strip? The wall-paper isn't coming off the wall very well at all. Do we continue, or do we tear it all out to the studs, or do we go over it with 1/4 inch sheet-rock, or do we skim-coat it? That built in stove is functional, but very out-dated. Do we leave it or replace it? Built-in stoves are more expensive than regular stoves, so do we re-work the cabinets to set a regular stove/oven? That worker thinks this paint job looks good? Do I fire her now, or point out what needs to be fixed and give her one more chance? That old covered back patio area - the wood is pretty rotten. Do we replace it, or just tear it all down and have an open-air patio? Toilet and tub will not drain, what's wrong with the plumbing? That bath vanity is solid, but ugly. Do I paint it or replace it? There's a water stain on the ceiling. Is there an active current leak, or was it just not repainted when the previous owners re-roofed the house? That old paneling is really ugly. Do we pull it or paint it? There's 25 years of nicotine all over the walls and ceiling. What's the best way to remove that?

All of these questions (and more) come from just one house that I am rehabbing right now.