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Updated about 11 years ago,
When do you hire help?!?
I purchased a 4 unit building a couple months ago... Numbers seemed excellent but, of course, going well over budget with improvements. I am doing all the work myself with the exception of roof and boiler. Here are the numbers to put this into perspective:
4 identical 2 story units
2bed, 1.5 bath w/ parking and laundry
Purchase price $150k + $5k buyer premium
25% down = $37,500 cash
Repair estimate $40k
Actual repairs so far $55k (mostly credit)
Rent $900min $1100max
Monthly Expenses $2200mo estimated (plus credit payments until paid off)
I have utilized my excellent credit to fund a majority of the repairs on 0% interest credit card offers in hopes of having the tenants pay a majority of the debt prior to the promotion expiration.
My dilemma:
I am 2mo into the project and am only half way through completing 2 units. I am saving a ton of money doing the work myself but I am also paying in holding costs with a vacant building. I have a good paying part-time job that inhibits my full attention to the project and I have a family with 2 young children that also need me.
I would love the sense of accomplishment and the ability to say that I did it all myself but trying to figure out where to draw the line!
We can sorta kinda afford to pay for professional help but it would certainly choke us financially.
I guess I am just looking to hear some advice from people that have been in this situation and how they handled it. I would certainly like to know what would have changed if you could do it over.
Thanks for reading!!!