June 2011

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Well, we are up to ears in work like any other seasoned investor, especially, those investors who are heavily into rentals instead of flipping.  Though I am not complaining about the work, because in the end it will be worth it in the long run, and with any luck incurred along the way, an early retirement for us. 

Those who know anything about construction and re-construction work know that often times things never go according to plan, either due to weather constraints, the availability of certain credited contractors and inspectors, to the unexpected issues often well hidden in a home.  So, when you think you can get something flipped or ready for rent within a certain time—-always bare in mind to give at least an extra week minimum.

Over the years, my husband and I have gotten better in timing ourselves.  But now we have figured out that if you plan accordingly even before you close on any property, make sure that the contractors you have going to work for you on certain projects for your project have a heads up.  We usually try to meet with everyone at least on the day of ‘closing’ for having things such as our garage doors to be installed if not already estimated a head of time, the roof to be started if need be, all locks rekeyed (#1 thing to do here folks!!!), cleaning crew, painters, etc.

Having these folks out there on day one of owning the property is half the battle.  Make sure you get your estimates early and know what you will be putting into the property before closing it.  Then, it makes the cleaning or the rehab go a lot smoother with less hiccups along the way.  Because the wait time in-between, folks, only costs you more money (estimate about $150 a day).

Another thing to remember here, your best buys in property usually come in the late fall and during the winter months.  The second thing to remember is that during this “down time season” is also usually a way to cut costs on your contractor labor and better and quicker service.  Because this is the time of year when the rest of the world is focused in on itself and their family compared to the spring and summer time.