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Re: Update on my RE investing careeer....
Old 06-13-2006, 01:20 PM   #21
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Re: Update on my RE investing careeer....

Originally Posted by thefed
Yes, yes they are. And every day I see a new home on the market I can work with. I think know I'm addicted to money...that doesnt make it easy.
Hmmm, it occurs to me that you could eventually make this your day job if you were so inclined. That way you wouldn't be trying to work two jobs...

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Re: Update on my RE investing careeer....
Old 06-13-2006, 01:45 PM   #22
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Re: Update on my RE investing careeer....

Before we left the US I was at my job, working on two rehabs and managing 25 units. When I did our first rehab I realized that the way to make money in this business is in doing the deals not neccessarily pounding hammers and painting.

For example, suppose you buy a house and it costs you $5k to fix yourself and $10 if you contract it out. If you do it yourself you can't work on too many deals at the same time. But if you contract all the work out, all you end up doing is shuffling paper (mortgages, supervising contractors, etc.) and your "hourly" wage increases greatly.

You mentioned that the house should sell for 55k but you're selling it for 49k. Instead contract out the majority of the work and increase the sale price closer to what the market will bear. That way you'll be able to spend more time with the family and make the same amount of money on each project. It iwll also free you up to do the other deals that you don't currently have time for.

BTW- Even though we are in Panama I am still rehabbing homes with a competent team that I trust. Right now we have 5 projects currently in the works. So it can be done.

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Re: Update on my RE investing careeer....
Old 06-13-2006, 01:47 PM   #23
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Re: Update on my RE investing careeer....

Along the lines of what Arif said - consider hiring a laborer/assistant to do most of the work.
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Re: Update on my RE investing careeer....
Old 06-14-2006, 09:31 AM   #24
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Re: Update on my RE investing careeer....

Well, on house number 2 I already bit the bullet an am getting a few things done by contractors (relocating a bathroom and a roof repair). I cant bear to ahve them do aLL the work, so I'll ease into it 8)

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