All Forum Posts by: Robert Winters

Hey folks, I’m brand new here. When you say you’re “flipping properties”, are you paying GCs and such to do the work? Or are you all doing what you can on your own? The reasons I ask are these. I have a full time career, with little rehab knowledge, tools, or means ( I don’t even own a truck!). Second, if you hire people to do the work, how is that not crushing your profits? BTW, @Arianne L. you guys have an amazing story here, and it made me happy to read. Thank you for sharing! 

-Rob

Hi, Ray. I’m new here, and I’m not challenging your analysis. Rather, I’m attempting to glean some knowledge on why the numbers don’t work. Is there a standard formula for monthly mortgage costs/maintenance/cleaning/etc vs weekly rent that would suggest a profit over the long term? Many properties I’ve found are almost entirely booked for the 2020 Summer season, with additional rentals booked well into October, and some beyond. 

I see it as “12 weeks of prime summer rentals, and 12 months of mortgage payments”. I know literally nothing about how this works. Then again, that’s why I’m here. Thanks! 😁

I have ZERO experience here (so take my advice for what it’s worth), but you can sometimes find free (extra or bulk) “stuff” on Craigslist. You might find just enough free leftover tile to rehab the bathroom and/or kitchen, for example. I just joined this site tonight (yes, I’m THAT new), but people are giving away free stuff all of the time. I would grab it when it’s available, and hold on to it in case it’s needed. Cost: a little bit of gas to get you there and back, and maybe a tiny bit of sweat. ANYTHING of use that you can acquire for “free” will help you with your cash at the end of the day. Bottom line: I think it’s worthwhile to do a quick, LOCAL search to see what you can wrangle up for free, or very little money. HTH!