Milwaukee, WI · Member since 2016 · 13 posts · 1 vote
I'm still very new to the idea of real estate investing, so I'm doing plenty of reading. I would really love to be a landlord by house hacking and eventually following the BRRRR strategy to gain more properties. How necessary is a knowledge of construction and similar trades (electric, plumbing, HVAC, etc)? I have always had a song interest in these subjects but have no idea how to start learning them.
I do have a family member who works directly underneath a contractor and could get me a job but I feel like my lack of knowledge would just slow down the team.
In your experience, what knowledge should i pursue and what should I just learn as I go?
Hey there @Account Closed ! I would say you don't have to know how to do the construction but you do need to know how to recognize an issue and hire the right person to take care of it. A job with a contractor would be good if you were actually looking into knowing how to do the repairs yourself. Otherwise its not all that important. Most of the people that Ive talked to don't actually do the construction work on their projects. They hire people to perform what they want done. Hope thats helpful. Good luck to you!
@Matt Boyle Thank you for the insight. I will definitely look more into recognizing problems then!
This may sound a bit ridiculous, but I've heard only a handful of times that contractors can be quite hard to deal with and having a knowledge of their field makes it easier. Do you know that too be true at all? I have no problems hiring the right man for the job, but don't want to be talked down to if I'm less knowledgeable. I'm not sure if that's even a meaningful concern though haha.
Hey, Sarah. Yes, you can run into contractors that will talk down to you but that is in your control. I have no problems telling someone I hire that I will not be talked down to, that I hired them for their knowledge and if they cannot treat me, their customer, with respect, that I will take my business elsewhere.
When you first meet with them, you can explain that you are a real estate investor looking to establish a relationship with a contractor for your current and upcoming projects. The prospect of steady work may be enough to prevent being talked down to, but if not, fire them.
Hi Sarah! It is great that you want to learn construction. I would say it is good to know how things should be done properly. You don't have to actually be able to use the tools but some theoretical knowledge is useful. You will need to know the sequence of trades and basic rules. You can gain it all from books. I do not recommend YouTube because you never know if what they put out there is correct. So some current books will be a good place to start. See if you can attend classes at local college or university. Sometimes you can just walk in and sit there for free (that is what I did with some real estate classes). It is also good to attend construction sites. Pick one and follow it from start to finish, reading the book, then asking questions. This is what I did when I realised I need more practical knowledge. I found the best residential builder, he intructed his foreman to teach me, and I attended the site. I must say though it was quite safe. If you aren't sure that you can be there alone don't risk.
Also, don't be afraid of being talked down. People can do it for various reasons (your age, your sex to begin with). It is not about you in that case, it is about them. You can expect that a small percentage of people will do it. So when it happens you can also admit they know more and you will would like to learn from them. Works for me.