Balancing Strategies: Buy-and-Hold Rentals + Handyman Services?
Hi everyone,
Alongside being new real estate investor in Indiana, and planning to utilize a buy-and-hold rental property strategy. I'm also a skilled handyman and was considering offering my services to other investors as a separate business venture.
My question is:
- Is combining buy-and-hold rentals with handyman services for other investors a wise approach, or will it spread myself too thin?
- Would other real estate investors in central Indiana be interested in a reliable handyman service specifically catering to rental properties?
I'm eager to learn from experienced investors and determine if this multi-faceted approach is feasible or if it's best to focus on one area initially.
Thank you for your insights!
I would say it depends! Many investors have full time W2 jobs, myself included. It all depends on what "too thin" looks like for you personally. But I would also say this could be a great way for you to get more exposure to other investors and properties in your area and by building strong relationships, you may be able to find a cost savings competitive advantage.
Quote from @Erica Calella:I work three days a week as an MRI technologist currently with 4 days off, so my thought is that I could definitely stand to pick up extra in hopes to make those connections! Thank you for the input
I would say it depends! Many investors have full time W2 jobs, myself included. It all depends on what "too thin" looks like for you personally. But I would also say this could be a great way for you to get more exposure to other investors and properties in your area and by building strong relationships, you may be able to find a cost savings competitive advantage.
Investors are always looking for a good contractor/handyman. I assume that (for now) you are most comfortable with small projects since you said Handyman.
Getting bids will suck a lot of your time away from your main investment strategy. Then chasing materials and actually doing the work is a time consuming venture. However I hear investors needing work done about every day in my real estate travels. So the need is there. Are you insured to do the work? Do you have another income source right now?
Feel free to send me a DM and we can talk. I've worked with investors in Indy for 20 years and have had rentals of my own. Best of luck!
Quote from @Pam Brown:
Investors are always looking for a good contractor/handyman. I assume that (for now) you are most comfortable with small projects since you said Handyman.
Getting bids will suck a lot of your time away from your main investment strategy. Then chasing materials and actually doing the work is a time consuming venture. However I hear investors needing work done about every day in my real estate travels. So the need is there. Are you insured to do the work? Do you have another income source right now?
Feel free to send me a DM and we can talk. I've worked with investors in Indy for 20 years and have had rentals of my own. Best of luck!
Oops! I was drafting my post at the same time that you were. Now I see what your main occupation is :-)
YES! Investors feel more confident hiring vendors that are investors themselves. I like referring to people like you who are also investing because you can also give insight if a property is a good buy or not. Also, for you, you are gaining experience while getting paid for it. Win-Win.