Originally posted by Bill Gulley:
Alex, you're all over the place, flipper, rehab, landlord, let's stick to one matter.
What kind of engineer are you? A civil engineer, structual, IT?
It would make a big difference if you have construction knowledge as an engineer, if not, like an IT type, you might as well be a baker talking about construction.
I am a petroleum engineer and that’s why I live and work in Bakersfield (energy capital of the state of California)
I have some knowledge of structure and civil engineering too but I don’t think that will make any difference here.
If the rehab project needs substantial work I will not get involved in it. Examples are foundation work or restructuring the property, adding a bathroom, increasing the size of kitchen, building an addition,… These are considered high risk flips as costs for repair my substantially eat into profit or make it a loss unless you have done it before and know exactly what type of work you are getting into.
For my first work, I am more interested in doing a rehab with most common improvements such as paint, carpet, broken windows, leaky roof, counter tops, garage doors ,…. that will prove me with a good learning experience as well as a reasonable profit as a bonus :-)
