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Hey everyone, I am brand new at rehabbing, I have the remodeling skills but have a question. I am currently renting a house and am interested in buying a house to flip, my question is since my cash flow is restriicted would I be better off moving into a house I plan to flip and work on it while living there, or stay where I am and do the rehab as quickly as possible. I work at a full time job, so this rehab would be on a part-time basis. Thanks for the advice.

I think living in your flip is an excellent idea! Then with the money you generate on the flip maybe you can get yourself into a nice residence for yourself, and if you own the flip for 2 years, you don't get hammered with taxes like on a quick flip. I have a friend who moved every 2 years fixing up and selling each time for a 10 year period. This really helped him to advance himself financially.

I just want to start out by saying I am by NNOOOO means an expert.

Anyway, first off, how long do you anticipate it taking to rehab? Will it be just you living in the house if you decide to move there?

The reason I ask is I am looking for a house to rehab myself and have thought about living there too. The problem is I am married with 2 kids that would make it extremely difficult to do the work with them running around. So if you have that some situation it is something to think about.

Another thing to keep in mind is being a part time rehab is how long will it take and how long can you afford to pay a mortgage and rent. Plus if you are going to have the house for 2 years or more, the profit can be non taxable if it is your primary residence.

IU am sure there are more things to think about but I hope this is a start until someone who knows what they are talking about.

Thanks for the input. I am single but have an uncle living with me. So really the only real problem would be having the kitchen tore up. Since it is a part time rehab im not sure how long it will take, depends on what kind of changes I make. I just didnt know if I could get thje rehab done in 3 or 4 mos if it would be worth it living there. Would save some money, thanks

I am currently doing that myself. I have a wife and 3kids. the house is in fair condition when I started so we moved in right away. I plan to finish the rehab in 2 yrs and then sell out or I may rent. Anyway.....It is a big headache trying to work on the house without really upsetting my wife. and hard to do work with kids running around. I have to do one room at a time. All sawing has to be done outside so that makes for lots of steps to measure, cut, check, recut, install. It will be very profitable, Just a lot of headache.
But in your situation of living with an uncle....I would recommend that you repair the kitchen and one bathroom...then move into it.

Hi,

I did a rehab on the home I and my wife are living in. It was very difficult and took much longer than expected. The work is very disruptive to family life and family life disrupts and delays the work.

I am currently doing an extensive rehab on another nearby house. I find it much less disruptive to lock the tools inside and go home to dinner. I also find that my time there is much more productive and my time away more relaxing.

I don't think I'd try to rehab the house I'm living in again.

Good Luck,

DA