Posted by HappyInvestor on May 01, 2003 at 21:18:38:
I realized I should have given you some background on our rehab experience. We since the summer of 2001, we have done 3 rehabs and sold them, we almost have completed our 4th rehab and just about ready to list it, and have our 5th waiting (my mother and I have started demo while my husband finishes the 4th). My husband works as an electrical foreman full-time and does the rehabs for 2-3 hours a night on the weeknights and 10 hours per day on the weekend. He does everything himself (tiling, interior painting, installing new windows, etc.) except for re-roof jobs, carpeting, and extensive exterior painting. Total net profit on each project has been anywhere from $34,000-$67,000. Our profit has been $20,000-$30,000 because of the splits with our parents who have been funding the projects. We are happy with the profits, but my husband desparately wants to quit his full-time job to do rehabs full-time and I’ve told him until we can do the projects on our own he’s going to have to hold on to his job (pretty mean wife, huh? Anyway Ed, thank you for your time in advance.