Have you ever wondered what it is like to flip houses full time?
Here is a snapshot of a typical day in the life of a rehabber:
Morning: This is usually your “deal hunting” time.
Fortunately you can do most of your research online.
New properties hit the market daily. Make sure you’re one of the first to know.
Websites you will use include Zillow, Realtor.com,
MLS (if you’re an agent), HUDhomestore.com, Homepath.com, and Hubzu, for example.
Don’t worry if you do not have access to MLS: every house listed on the MLS appears on Realtor.com within minutes.
Identify 2-3 properties that you would like to see in person.
Afternoon: This is when you go out and look
at the properties you identified in the morning. For each house, a good walk-through should take you about 20-30 minutes. Some will take much less, particularly if they look much worse than the pictures.
Remember, the purpose of a walk-through is to get a general idea as to whether you should pursue a particular deal.
If you like a house, your contractor and home inspector will help you identify problems and things requiring repair.
During the afternoon you will also be checking on the progress of houses that are currently in the renovation process.
I recommend you stop by an existing rehab at least 3 times a week, on Monday, Wednesday and Friday.
Late Afternoon: I like to use the late afternoon to return phone calls and handle office work.
Of course some things can’t wait and you have to take emergency calls when they happen.
For everything else I prefer to handle calls while sitting at my desk. This way I am not distracted and am able to focus on the task at hand.
Tasks include: reviewing inspection reports, talking to real estate agents, budgeting costs/calculating profit on potential deals, etc.
Evenings/Weekends: Do what you like. Do what you enjoy.
In addition, I like to take a half day off during the week to spend time with my wife and 4-year-old son.
That is what I love about real estate. It provides you with tremendous flexibilty.
I have to be honest: it is a great feeling to be riding the roller coasters at King’s Island on a random Tuesday afternoon ; )
Don’t get me wrong: flipping houses is not a do-nothing business. There is time and work involved.
However, the upside is that your schedule is flexible.
If you can see yourself flipping houses on a part-time or even full-time basis, make sure you are prepared.