Rent a tool or buy it? Where do you draw the line?

Rehabbing & House Flipping
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Rent a tool or buy it? Where do you draw the line?

Mike Ross
Round Rock, TX · Member since 2015 · 24 posts · 5 votes

Hey BP,
    I'm out here trying a "flip-in" and know I am not looking to become a full time contractor at any point. When fixing things up I often struggle with buying it vs borrowing the tool from home depot. Many things I will only use once, but when borrowing them the savings is only there if I can get the project done in a day or two max. 
   Where do you draw the line? Or, do you just buy it because you never know when you will need it in the future? Just curious if others struggle with this, and how they decide what's worth it, and what isn't.

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Rocky V.
Rental Property Investor · Arlington, TX · Member since 2012 · 788 posts · 640 votes
10y

I love tools so I buy them.  Tools used once a year I typically purchase at Harbor Freight. 

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  • Jaysen Medhurst
    Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    10y

    Hi @Mike Ross, now I'm an admitted tool addict, but...

    I tend to buy, unless it's something super specific that's big/heavy or I'm not likely to use it again. Like a floor sander. I would rent that. But nail guns, air compressor--buy every time.

    Pro tip: check out the pawn shops, great way to find tools at a great price.

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  • Rocky V.
    Rental Property Investor · Arlington, TX · Member since 2012 · 788 posts · 640 votes
    10y

    I love tools so I buy them.  Tools used once a year I typically purchase at Harbor Freight. 

    1Reply
  • Manolo D.
    Contractor · Los Angeles, CA · Member since 2015 · 4k+ posts · 1k+ votes
    10y
    If less than 500, buy it. HD has a rule that if you rent 4 days, you'll have it for a week. If you rent for a week, it's 80% of the cost. In short, after its rented 5 rentable days, they got their money back. Anything above 500, I don't think it's worth it.
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  • Ben S.
    Brandon, SD · Member since 2014 · 29 posts · 16 votes
    10y

    There is no such thing as owning too many tools.

    1Reply
  • Mike Ross
    OP
    Round Rock, TX · Member since 2015 · 24 posts · 5 votes
    10y

    I think you said it @Ben S.  I have to build up my collection. @Manolo D. Im sure it's easy to make it to a week without realizing it, then I basically bought it. Thanks for the input. @Jaysen Medhurst I'm thinking that will be my rule from now on. Thank you all, I guess I just have to bite the bullet sometimes. 

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  • Johann Jells
    Rental Property Investor · Jersey City, NJ · Member since 2011 · 1k+ posts · 876 votes
    10y
    Originally posted by @Rocky V.:

    I love tools so I buy them.  Tools used once a year I typically purchase at Harbor Freight. 

     I agree. I've had some HF losers (hand power planer, dremel) but mostly I've been satisfied. If I were a full time contractor I don't think I'd get primary tools there, my cordless set is Makita, but for those once in whiles, it's great to have it. And some perform perfectly, like my nailers. Bought the 23ga pin nailer too for like $25, Iove that thing! Worst case is you decide you really do need a better quality version.

    Only tool I recall renting was a rototiller.

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  • James Irwin
    Investor · Birmingham, AL · Member since 2015 · 29 posts · 10 votes
    10y

    will my use of tool pay for itself after a few recent uses buy it

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  • Todd Richmond
    Investor · Fort Collins, CO · Member since 2016 · 10 posts · 2 votes
    10y

    I will second (or third) the Harbor Freight option.  For tools that I need to depend on often, or need to have a high degree of accuracy with, I will go ahead and buy the more expensive options.  But if I am just going to be using the tool a few times, then I will get the HF tool 9 times out of 10. 

    That said, I now need to buy a different house that has a huge workshop for me to store all my tools!  Yes, eventually storage does become a problem.  My 3 car garage fits exactly 0 cars in it right now!   ;)

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  • Rebecca Zadell
    Manassas, VA · Member since 2016 · 74 posts · 15 votes
    10y

    Other than, say, a drywall lift or a backhoe, we buy. But, we also go with DeWalt, as a rule, simply because when my husband started in construction, they were the best for the money. Now, we have enough batteries and chargers to make it not worth switching brands.

    If you decide to buy, look at the newer tool options where you can simply switch out the heads, and use a couple basic tool bodies. (I'm explaining this badly.) It is a lot cheaper overall.

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  • David Hines
    Property Manager · Allen, TX · Member since 2015 · 190 posts · 160 votes
    10y
    If you are going to be using the tools infrequently, you should buy corded and NOT cordless. The real cost of cordless is in replacing the batteries, which always seem to die between projects if they aren't being used regularly. Although, if there is no power on at your flip, then cordless may be necessary.
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  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    10y

    If you don't mind the hassle of craigslist or your local want-ad papers, you can also re-sell many tools for not too far from what they cost new, if you want to "own" them long enough to do a one-off job. I bought a $400 tile saw from a guy for $200, who was a beginner and saved himself probably a grand on a tile job but would have had to rent the saw for 2 weeks, which would have been way more than $200. So it worked out for everyone.

    I've been in home construction/remodeling/renting for 25 years, so I've made my money back multiple times on my tools. 

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  • Ray ThorsenPro Member
    Investor · Waterford, WI · Member since 2016 · 89 posts · 30 votes
    10y

    I would second @JD Martin search craigslist. I bought a roofing gun from a guy for half price. He used it once to roof a shed he built. I needed it to roof my house and then a couple of friends roofs as well. Be cautious with used battery tools and tools from full time contractors because they are usually used up.

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  • James DeRoest
    Investor · Century, FL · Member since 2015 · 950 posts · 603 votes
    10y
    Originally posted by @Mike Ross:


       Where do you draw the line? Or, do you just buy it because you never know when you will need it in the future? Just curious if others struggle with this, and how they decide what's worth it, and what isn't.

     Pick up tools as you go along I suppose.

    If it's occasional use tool, then I'll probably buy it at HF (eg stud nailer, roofing nailer, floor nailer). If it's something that'll get a lot of use then I buy main brand Milwaukee for cordless, or whatever for corded. Later this month my brad nailer and finish nailer will be replaced (FINALLY!) with the new Milwaukee cordless version that are being released this month.

    I may start a new collection of tools for dirty jobs, especially plumbing. If you have ever cut a blocked waste pipe and watched sh*t literally pour over a brand new $200 Milwaukee sawzall, you'll understand why I'm considering some cheap rubbish from HF for those sort of jobs.

    If it's an expensive tool, then I'll rent, eg floor sanders, excavators, etc. Although, I might buy an excavator just for the hell of it. I'm borrowing a backhoe next week, might fall in love with that as well.

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  • Eric Etzler
    Investor · Acworth, GA · Member since 2016 · 10 posts · 1 vote
    10y
    Another option other than HF is refurbished tools. Had some great luck with mine. Several quality resellers out there.
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  • Mike Ross
    OP
    Round Rock, TX · Member since 2015 · 24 posts · 5 votes
    10y

    I'm a fan of the craigslist idea, and I guess I'll have to check out HF! The only thing I guess I'll be renting is a jack hammer... Although I'm betting it will be the most fun to use 

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  • Yuriy Tymoshenko
    Real Estate Investor · Tallahassee, FL · Member since 2012 · 105 posts · 19 votes
    10y

    Mike, I think it depends...

    I will provide two examples.

    I RENTED large concrete grinding machine for $150 a day for number of reasons:

    1. To buy one it would cost $2K

    2. I will only use it once year if that

    3. It is large, I still don't have a warehouse(although I am considering building it) to store it

    I BOUGHT 7" high speed grinder on the ebay for $70 because:

    1. To rent one from Home Depot was about $30

    2. It already came with grinding disk

    3. I will use it on fairly often basis

    4. I can easily store it.

    While I am not a contractor, I do own 10 units which I prefer to fix myself.

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  • Darwin Crawford
    Rental Property Investor · Scottsdale, AZ · Member since 2016 · 296 posts · 243 votes
    10y

    I prefer to buy them, with the price cutoff in mind.  I own up to a heavy grade SDS hammer, for boring concrete, and the like.  

    In my book, cheap tools are the worst thing ever, and I actively avoid HF or the Ryobi stuff - I'd rather buy once and buy right, even for occasional use.  

    On the large-ticket items, a very valuable trip is going to see your local tool repair shop, and asking them for recommendations on brand, etc.  They usually also sell re-furb stuff at good prices, and can tell you what is fixable, and what is "throw away grade".  I got my big Hitachi roto-hammer from the local guys for $250 cash (new is $1K+) and I've punched a wagon-load of holes in concrete, its never messed up once.  

    Bit of a philosophical issue, but I learned most of my construction skills from my grandfather, who was old-school, and throw away tools are overall bad for everyone.  Spend a little more and get the good stuff, american made if you can.  

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