Posted by Hank on February 16, 2002 at 21:49:15:
Sounds interesting. Please fill us in on the hows & whys.
How many properties can a Rehabber do a year? - Posted by Tim Savage
Posted by Tim Savage on February 15, 2002 at 12:09:19:
How many properties can a Rehabber do a year? I have been told it’s not realistic to do more than 4 or 5 a year. At $10,000 each in profit it’s good money, but not super exciting. Not enough to replace my income. Thoughts?
Re: How many properties can a Rehabber do a year? - Posted by JoeS
Posted by JoeS on February 16, 2002 at 12:53:27:
I try to do 10 a year, it is all I NEED to do. I could do more, then I would have more stress, more taxes, more dollars, but LESS time to do whatever else I want. Too bad rrsmith below considers our responses a “PI$$ING contest”! I’m sure he does allright, but he could give a nicer answer. ANYWAY, if you try 1 a month, that is a good goal, anything more than that will probably require some office staff part time. Hope this helps.
Re: How many properties can a Rehabber do a year? - Posted by Ron (MD)
Posted by Ron (MD) on February 16, 2002 at 04:05:35:
Tim,
I did about 8 my first year, which was four years ago. Last year I did 15.
I have no staff. I don’t do any of the remodeling work myself, but I do find each property, find buyers for each one and shepherd them through the loan process. I’m getting ready to hire a part-timer to help out with office work and dealing with buyers and hope to increase the number to 25.
I probably work around 40 hours per week. At my current pace, it means (roughly) that every month I have to find one house, manage the repairs on one house and sell one house…sounds pretty simple. Somehow, it’s more time-consuming than it sounds, but not more than 40 hours per week (maybe a bit less).
I do fairly extensive rehabs of city rowhomes and each one is very similar to the next, so that may make it easier. My average repair bill is around $20k.
When I started, my typical profit was around $12k (on houses that I re-sold for $60k-$75k), but now is higher.
Once you’ve done a few, it just isn’t that hard to do one a month.
Ron Guy
How about 15 or more … - Posted by Frank Chin
Posted by Frank Chin on February 15, 2002 at 13:59:49:
Hi Tim:
Check the archives in the main board.
A rehabber named Ron(MD) who posts there regularly says he does 15 rehabs a year, and is planning to do 25/year starting this year. Also says he makes 20K per rehab.
He had some tax issues where he’s making a bit too much money.
He quit his job several years ago, and beleives he’s doing much better now.
Frank Chin
Re: How many properties can a Rehabber do a year? - Posted by Richard
Posted by Richard on February 15, 2002 at 13:59:46:
Robyn Thompson does around 50 a year, average profit, $25,000.A guy Name Bill in Texas did around 80
7 man crew (teamwork) & - Posted by rr smith
Posted by rr smith on February 15, 2002 at 16:28:24:
3 a month, all shotgun duplexes, all finished in less than a week, so I guess you can stop the Pi$$ing contest now, I have the newspaper article right here…Better questions are , how did they do it,
(a special way, (share the profits)), and why do they do it…
Re: How many properties can a Rehabber do a year? - Posted by bob
Posted by bob on February 15, 2002 at 14:17:58:
SWEEEEEEEEEEEEEEEEEEEEEEEET!!!
Isn’t Robyn a “Legrand Guru”???