I may have mentioned once or twice that I’ve spent a lot of money over the years educating myself in various real estate investment methodologies. In fact, if I had all that money back, I would be able to buy another rent house with what I knew when I started. Given the results of that investment, I think the money was well spent.
There are a few bits common to all the systems I’ve studied:
- Invest in yourself first.
- Network, network, network!
- Buy right.
- Don’t do the rehab yourself.
Why You Shouldn’t Do the Rehab Yourself
These truisms are all sound advice and will help you make money. I believe all of them are invariably true…except for maybe the last one: don’t do the rehab yourself. I recently got to know a couple of other rehabbers who do all of the work themselves, and they are happy with the results. But first, let’s look at the reasons not to do the work yourself.
- It takes time away from your other activities, like marketing or sleep…or finding other deals.
- You can only work on one project at a time.
- It can take longer to complete a job, driving up your holding costs.
- You may not have the requisite skills, and, if you’re me, you may not be able to do the job to the level you expect, even if you do.
When You Can
But what about those guys I said were happy doing the work themselves?
They have the skills and are willing to pay the price in terms of a reduced number of projects, more time spent, and higher holding costs. In fact, one team I know use their own money for the purchase and the rehab, so they don’t have to worry about holding costs. They are quite happy to only do a couple of projects a year to supplement their retirement income. The projects also keep them physically active and involved with their community.
Their story is a perfect example of why only you can define what success means to you.Hermann says please like and share!