You can't beat experience
One thing that is amazing me lately is how much faster I am now at doing the exact same job just earlier this year. We're cash flowing nicely on the market 2 house, and I took that major job on with very little experience at house renovations. I suspect my 12 years of experience fixing cars prior to getting into real estate helped a lot, but still there was much to learn.
The time it takes to hesitate, ask questions, research how to do something, and then do it the FIRST time is pretty costly. Like I had to redo the plumbing on Market 2 house and I remember having my employee remove all the old rusted and leaking galvanized plumbing, and then for me to get the new main valve in with just the primary 3/4" cpvc run took over a week to get done. By myself, I had pretty much removed 80% of the plumbing in this new house I'm working on, and I had a new main valve put in with the toilet feed hooked up and my main run of 3/4" pipe ran all in less than one day. I even pulled the tub, vanity and kitchen sink. That took us even more time in the first project.
Today was day 3 on the new site and I completely removed all the old plumbing, removed a rotted back porch about 8x8, the joists and all supporting lumber, I rebuilt the toilet and have it working, and I cut off all the old cast drain pipes and rebuilt it to about 80% completion with all new pvc pipe. So the drain T's are all there for the vanity, tub/shower, laundry and the kitchen drain is done. It took us probably almost two months to get this far with the last house.
So what can I say, I'm getting a lot faster with experience. Having the right tools helps too. A saw's all with a good metal cutting blade on it can make very short work of old plumbing pipes. Try that with a hack saw, lol. I suspect winter slowed us down some too.
Also, I just completed my duplex's second side. In just five weeks I drywalled the entire kitchen, repainted the cabinets, replaced about 90% of the plumbing, new faucets, new shower kit, new toilet kit, I built 3 walls, did some drywall repairs, hung 3 new doors, painted every room, put a new lowered ceiling in, and installed new laminate wood floor in 3 rooms, re roofed a section, and a whole lot more! That is close to the amount of work 2 to 3 of us did in six months, minus the siding and drywalling of every room.
So that makes me very excited for the future, knowing I can work much faster on future projects. That just tells me that I'm in the right business now. If I could make money with no experience in a down market starting out, then it will only get way better in the future with lots of experience in a market that should only improve from here on out!
In fact, I anticipate a six figure income for next year, something I sorely miss from my peak in the game industry. I also anticipate being 100% debt free by the end of this year, with the sale of my first flip. So 2010 will kick off debt free, with 4 rentals and a plan to flip 2-3 houses a year with each one having a 40k profit margin, and then buying more rentals with CASH.
The time it takes to hesitate, ask questions, research how to do something, and then do it the FIRST time is pretty costly. Like I had to redo the plumbing on Market 2 house and I remember having my employee remove all the old rusted and leaking galvanized plumbing, and then for me to get the new main valve in with just the primary 3/4" cpvc run took over a week to get done. By myself, I had pretty much removed 80% of the plumbing in this new house I'm working on, and I had a new main valve put in with the toilet feed hooked up and my main run of 3/4" pipe ran all in less than one day. I even pulled the tub, vanity and kitchen sink. That took us even more time in the first project.
Today was day 3 on the new site and I completely removed all the old plumbing, removed a rotted back porch about 8x8, the joists and all supporting lumber, I rebuilt the toilet and have it working, and I cut off all the old cast drain pipes and rebuilt it to about 80% completion with all new pvc pipe. So the drain T's are all there for the vanity, tub/shower, laundry and the kitchen drain is done. It took us probably almost two months to get this far with the last house.
So what can I say, I'm getting a lot faster with experience. Having the right tools helps too. A saw's all with a good metal cutting blade on it can make very short work of old plumbing pipes. Try that with a hack saw, lol. I suspect winter slowed us down some too.
Also, I just completed my duplex's second side. In just five weeks I drywalled the entire kitchen, repainted the cabinets, replaced about 90% of the plumbing, new faucets, new shower kit, new toilet kit, I built 3 walls, did some drywall repairs, hung 3 new doors, painted every room, put a new lowered ceiling in, and installed new laminate wood floor in 3 rooms, re roofed a section, and a whole lot more! That is close to the amount of work 2 to 3 of us did in six months, minus the siding and drywalling of every room.
So that makes me very excited for the future, knowing I can work much faster on future projects. That just tells me that I'm in the right business now. If I could make money with no experience in a down market starting out, then it will only get way better in the future with lots of experience in a market that should only improve from here on out!
In fact, I anticipate a six figure income for next year, something I sorely miss from my peak in the game industry. I also anticipate being 100% debt free by the end of this year, with the sale of my first flip. So 2010 will kick off debt free, with 4 rentals and a plan to flip 2-3 houses a year with each one having a 40k profit margin, and then buying more rentals with CASH.
posted by Joel Huenink at
2:14 AM
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