Updated March 28, 2022
There’s arguably never been a better time to learn how to start real estate investing! It’s one of the best (and most stable) ways to build long-term wealth through passive income. However, even with plenty of money-making opportunities at your fingertips, investors can’t expect to be successful without help.
When it comes to real estate investing flipping houses, or rehabbing and operating rental properties, you can’t (and shouldn’t) do it alone. One of the first lessons you’ll want to take to heart involves building your real estate investing team. Undoubtedly, you’ll bring a fair amount of skill and determination to everything you do—but that doesn’t mean you can do it all.
Whether you’re interested in real estate investing rentals or you’re primarily focused on fix-and-flips, you need a group of qualified professionals to handle the tasks you’re not equipped to take on yourself. One area where this applies the most is with general maintenance, repairs, and upgrades in and around your investment property.
Here’s why our real estate professionals always recommend that you hire a handyman to get the most out of your real estate investments!
A Good Handyman Supports Real Estate Investing Success By Avoiding Problems
That sentiment may sound overly simplistic, but most successful property investors can tell you that it’s true! Playing repairman might seem like a good way to save money. However, there will come a time when a short-cut or easy fix won’t be available, and you’ll be faced with a tough decision: should you struggle through and try to address the repair or maintenance issue yourself? Or should you contact a professional instead?
Here’s what you risk by not entrusting a professional handyman to do the job.
As an investor, your bottom line is a chief concern. However, you may not realize that a DIY approach doesn’t always equal cost savings. In many cases, you might be losing more money than you think when you try to play Mr. or Ms. Fix-It for a real estate investment. For example, you may not have direct access to all the tools you’ll need on-demand, which means you’ll need to invest in tools that you may not use all the time. In addition, if you perform the repair or upgrade incorrectly, you’ll have to pay even more to get a professional to redo it.
Unexpected Project or Repair Delays
When flipping houses, your success can depend on a quick turnaround. Adding extra time to your fix-and-flip project may mean you’ll be responsible for paying the mortgage for an extra month when you didn’t anticipate doing so. You might also find it harder to attract buyers during a certain time of year, so delays can throw your plans (and income) for a loop.
If you’re focused on rental properties, you need to get new tenants in as quickly as possible. A repair delay caused by a poorly executed repair or upgrade can be costly in more ways than one.
The general rule of DIY is to not push yourself too far outside your comfort zone. Although there’s something to be said for learning a new skill, there are certain jobs that can be risky to handle on your own. If you don’t know how to operate a specific tool or you’re uncomfortable with heights, it’s best not to take the risk for your safety. Even if you get through the job unscathed, your repair could cause safety risks for future occupants of your property. Knowing how to start real estate investing successfully means protecting yourself and your income property at all costs.
As a property investor, you wear a lot of different hats. If you take on too much, this can quickly lead to excessive stress. Those who are most successful in real estate investing will tell you that delegating is essential. Take handyman tasks off your plate, even if you’re technically capable of doing them yourself, and rely on a reputable repair person instead.
Unhappy Homebuyers or Renters
Buyers and tenants want to know that a repair job was performed correctly. If they possess any knowledge of home improvement at all, they’ll probably be able to tell when a shoddy job was done. If you’re always responsible for fixing maintenance issues yourself, tenants might lose faith in you—jeopardizing your ability to build your business with real estate investing rentals. Working with a handyperson or general maintenance professional can give your business legitimacy while keeping buyers and renters happy.
Your Properties Deserve Quality Work
For most people learning how to start real estate investing, these risks are simply too great. Even seasoned professionals aren’t willing to take these kinds of chances with their properties.
If you’ve already put in the work to find great real estate deals on the Privy platform, you need to do everything possible to protect those investments and deliver quality homes to buyers and renters. Going the DIY route, especially without the proper experience, can be disastrous in this area.
Therefore, you need a solution to ensure work is done the first time correctly while keeping costs to a minimum. At first, those goals may sound like they’re at odds. However, realistically, hiring a handyman can actually reduce costs and repair your properties the right way.
With that in mind, a real estate investor should give careful consideration to adding a handyman or handywoman to their team! Doing so can provide reliable access to repair services as needed for a cost you can afford. That’s a win-win for your investment business and the repair services professional, who can rely on a steady stream of jobs related to your investment properties.
How Can Real Estate Investors Find A Good Handyman?
No one wants to overpay for property maintenance, but the hidden costs of DIY can quickly ruin your profits. Establishing a relationship with a handyman or handywoman can give you on-demand and affordable access to routine maintenance services and rental property repairs.
So when should you hire a handyman? How do you find a repair services professional who fits the bill? Try out the following tips when you need maintenance help for an investment property!
Consult your mentors and other industry professionals to see which services they recommend
Read online reviews, testimonials, and customer references
Establish your budget and ask about costs upfront
Give the handyman a trial to assess their work quality and processes
Test their knowledge to see when they’d handle a job themselves or know when to bring in a specialist (like an electrician or plumber)
Make sure they can work well with other members of your real estate investing team, including your general contractor
If you’re satisfied with the results, approach them about becoming part of your investment team. They’ll become your go-to professional for these types of repairs, providing them with a fairly reliable source of income. In return, you’ll gain an excellent asset you can turn to whenever a property needs a quick fix.
Hire a Handyman and Reap the RealEstate Investing Rewards
Many real estate investors dismiss the idea of hiring a handyman on a retainer. However, if you’re planning to invest in multiple properties by finding great deals through Privy, you simply won’t have the time or skills to address every problem that comes up. When you’re ready to get going on your next investment project, start with the Privy Advantage. With our platform, property investors enjoy properties delivered to their inbox that match their preferences and preferred markets!
Check out the other critical members for your real estate team when downloading our free resource, "Assemble Your Real Estate Investing Team: A Worksheet.”