Real Estate Investing: Know Your Limitations

There are many investors who enter the industry working as a tradesman on properties. More often than not, they take their situation for granted. In their heads, they can cut a huge chunk off the rehab budget by conducting the work themselves. What they don’t realize is that just doing the work is not enough. Renters and buyers will look at every inch of a property they are going to live in and if the quality of the work is substandard, they will move on to the next property. Preforming minor upgrades is fine, but for big projects leave the work to the professionals.

It is almost impossible to be a master of every trade that is required to rehab a house. You may be well-versed in the electrical field, but what about painting, flooring and roofing? Many people can adequately throw some paint on a wall of their basement, but that doesn’t make them qualified to paint a living room. Buyers will notice every splatter of paint on the baseboard or on the ceiling. Even if they can get past a poorly painted room, this will lead them to look at every other room more closely. Who knows what they will find?

For every item that you can handle yourself, there is something you are giving up. Once you start attempting to do all of the work yourself, you basically stop looking for other properties. If you are working on your rehab for 12 hours a day, that leaves you very little time to work on new deals. You may be able to save some money on the labor, but you are now going all in on the property you are working on. If everything is not top notch and you don’t make as much as you thought, you are back to square one and you may have missed out on some terrific opportunities.

In addition to the time factor, you have to think long term about your property aspirations. To get top dollar, buyers will look at everything on the property. From the floor to the ceiling to the walls to the roof, your work must be perfect. If you don’t think you can do the job, get someone that can. The money you pay will come back to you two or threefold when you sell or rent the house. What you never want to do with your properties is to go backwards. The cost to have work redone and the time spent and lost is not worth it.

There is nothing that says you can’t do what your trade is on the house. If you are a painter, paint. If you are a roofer, roof. However, you need to understand your limits. Over time, you will gain knowledge and expertise on each different area, but until then, leave specific work to those who know how to do it. If you think you can just do the work in your spare time or on weekends, you will find that it will take longer and cost more. You will end up doing the work just to get it done.

There are plenty of ways to sharpen the pencil with your properties, but doing your own work shouldn’t be one of them. Leave the comprehensive work to the professionals.$

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