OfflineHi Guys,
Not sure if this is the correct forum, but on average, how long would you think it takes to complete an standard flip from start to finish?
Many THanks,
John
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Timeline for a flip
Posted on: Mon, 06/04/2012 - 04:26
Timeline for a flip
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- by johndedwards
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Hopefully this timeline helps.
- January 1st - Purchase property (Closing)
- Begin Basic Rehab (Paint, Flooring, Lights, Plugs & Switches, Doors)
- January 20th - Complete Basic Rehab.
Now its time to list the property to sell.
This is where you will need to find the Average D.O.M. in an area.
Let's assume that the DOM in an area is 60 Days and we'll base our offer to purchase off of that.
- March 20th - Receive offer to Purchase your property.
Most deals you are flipping will be retail sales which requires financing through a bank which can take 30 to 45 days.
- April 25th - Close on Sale of your property and collect your cash.
This is just a very basic timeline assuming that there are no "hick-ups" along the way.
Happy Investing.
Matt W.
For a basic flip: new paint, carpet, maybe some appliances and landscaping, 2-3 weeks is achievable. For something more detailed such as electrical, plumbing, insulation, sheetrock 2-3 months is more realistic. Really depends on your resources on the job. Is your contractor working only on your project or many at once?
Get multiple contractor estimates. Assume it will take longer and cost more than you expect, and have reserves for that.
That's for the actual construction part of the flip. The comments in the post above regarding time to sell, for the buyer to get financing, and for you to get cash in hand are all very realistic.
Hope that helps,
- Tom