do it yourself of have handyman, etc. do it?

Question

Hey guys,
would you do the job yourself if you have the SKILLS to do it (painting of the unit, for example, or installation of a door, shutters, etc) or would you HIRE a HANDYMAN and have him do it?
I am not talking about plumbing/electrical issues that need to be addressed by a professional... I am referring to a question how to SPEND YOUR TIME AND MONEY WISELY. Is it worth in the end to spend you Saturday/Sunday to get the job done or is it better to PAY somebody to get it done, since in the end you can EXPENSE it for tax purposes. How do you guys address INEVITABLE maintenance issues and expenses associated with it?
thanks!

Loc R. · Answer

Let me also add that I am a big advocate of owners/landlords doing it themselves for a while just so they are familiar with what X, Y, or Z might entail, and not get ripped off on bids, etc.

Larry K. · Answer

If you like doing this stuff yourself then it is OK especially at first.  It can help you to get to know the property and the tenants and how they treat the place.

Over time though I think you will want to start to move this stuff towards a handyman or other professional tradesmen.  If you do it all yourself what will you do when you are on vacation and the tenant calls about an issue?... Start Googling for help??  You want to have "go to" people so if lining them up means you need to pay them instead of you just doing it yourself then this is just the cost of doing business.

J Scott · Answer

Here's how I like to think about it:

How much is your time worth?  I don't mean that in some sort of cliche fashion, but literally, how much is your time worth?

Is it worth $10/hour?  $20/hour?  $50/hour?

In other words, if you spent that same amount of time doing other work (whether it's your career, a paid hobby, flipping burgers, etc), how much would you be earning?  This is sometimes referred to as your "opportunity cost."

Now, if the amount your time is worth is *LESS* than what you'd be paying a contractor, then by all means, do it yourself.  But, if your time is worth *MORE* than what you'd be paying a contractor, then you're making a bad financial decision to do it yourself.

Btw, as a real estate investor, your time really should be worth more than what a handyman gets paid.  Even if you spent your time writing a business plan, working on your processes, networking with people who have money, etc, those things should generate more money hourly than what a handyman costs.

So, in reality, there is rarely a good time to be doing it yourself...

Nathan Emmert · Answer

I would love to do things myself because I am... ummm... frugal!

That said, I play way too much Ultimate Frisbee... if I sacrificed what little time I have left after work and play, my wife would kill me.  Given the scarcity of my family time, I gladly outsource even the smallest of jobs and call it money well spent.

James H. · Answer

I'll do pretty much everything myself. I prefer not to do painting because I don't like it. On my scale, I spend as much time supervising a handyman as I would doing it myself. Might as well do it myself and make sure it gets done right.

Edita D. · Answer

thanks guys!

Mike B. · Answer

I think a lot of it depends on a few factors.  Do you enjoy doing that kind of work, or would you rather spend your time finding deals?  Do you know a good handyman with reasonable prices, or will you have to find one, etc.?

If your ultimate goal is to maximize profits, you'll have to do some rough estimations of how much your time is worth to find your answer.  But for some people it's worth it to lose out on a marginal amount of long term profit to be able to have more variety in their work.

Mike Jakobczak · Answer

All depends on how you run your business or how do you enjoy your down time.  When I first started off I would do as much things as I could to save money.  Keeping more money in my pockets.  But I also didn't mind working on the weekends etc.  Now my time is better spent looking at deals or raising funds for my next project. or enjoying a day off here and there.

But there's nothing wrong with putting in some elbow grease here and there.

Loc R. · Answer

I value my time more than the money I would spend on (labor intensive) tasks such as painting, installing a floor, etc.

do it yourself of have handyman, etc. do it?

Most Popular Reply