After 2 years of being a Landlord and doing major rehabs on my properties ALL MYSELF. Today I hired my first Handyman to do a job that I know I could do myself. He will replace a bathroom Sub floor in one of my duplexes...
I will sit at Home this Friday morning (my day off) Drink hot chocolate and nervously wait for the job to get done. This is an important step for in my investing career because I do not want to end up like my Mentor. 70 years old managing 23 units and is literally killing himself because he "cannot trust anyone to do the work" not where I want to be when I am his age. So I want to build my skill set of managing people rather than relying on myself.
So I WILL hire people and I WILL like it!
Just had to share this small success in my journey.
AM I Crazy?
Sounds pretty sane to me!
Sounds great. Sometimes it's just worth someone else doing the work.
Very good. It's important to have reliable people on call other than yourself in the event that you do not want to or cannot do the work yourself.
Very smart move Joshua. I have met so many owners of multiple rental units in my community that do it themselves as well. But, in this area, their thinking is driven by costs. They are just too cheap to let go of that dollar, and think like you - I'm going to sit back and enjoy the fruits of my investments - not labor. Can someone tell me why people think this way?
@Jassem A. Thanks for the encouragement! If i am on vacation I want to KNOW who I can call.
@George Kelley $120 dollars. that's how much it is costing me in labor costs to stay home. For 3 hours of work... That is why people do it themselves. 40 bucks an Hour. It sure is tempting.... but that is not what I want my future to look like.
You are not crazy at all!
It is good you have let go in a small way this will help build trust as you move forward. Just remember...
Work On Your Business NOT In Your Business
I believe it is control and trust issues. Investments are investors baby, they want to know what is going on every minute. It is hard to let someone else care for your baby; also, you are concerned that the other person may not do as good of a job as you.
It might take a minute but finding that quality labor help is worth it.
@Joshua D. Congrats, and it sounds like you hired a reasonably priced guy. I think you did the right thing. May want to read my other post to see the other side of how this can work.
40 an hour is very reasonable for short jobs or those requiring special skills like HVAC but for a full work day, I will usually shoot for 20 for someone skilled and 10 for friends that are not very skilled but are motivated
Congratulations! That's a big step you just took.
Hardest thing I had to do on our first investment rehab was to keep my fingers off of it. I'm not a pro but there isn't much I haven't done on the homes we've owned over the years.
So I stayed away.
Then the contractor screwed up the bathroom subfloor. He fixed some dry rot around the toilet, but didn't check the underside carefully enough (from the crawl space) and left a small spot of mold. Nothing serious, but you know the very word strikes fear in the hearts of most retail buyers.
We didn't discover it until too late, so all we could do was disclose it. Took a little off the price.
Fired the contractor.
We're now working with a contractor who has skin in the game now, so I'm not as worried.
But when I start to work with someone new I'll be bringing donuts/coffee or lunch a few times a week.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing