The Power of DIY as a Newbie

[Logan M.]

Understanding How Real Property Works

I am not making the argument to do anything unsafe or that you need to do all of the work on your properties yourself but I believe that understanding how real property works will save you from being ripped off, allow you to prioritize repairs more effectively, and get you out of tough situations by providing you with solutions to problems.

Why Basic Home Maintenance Skills Matter

1. Cost Savings: Knowing how to do some basic things yourself can save thousands of dollars. This significantly increases your profit margins and allows for more reinvestment into other properties or projects. This is critical early on when you start investing.
2. Better Property Management: Understanding the basics of plumbing, electrical work, and other home systems means you can quickly address minor issues before they become major (and expensive) problems. This proactive approach helps maintain the property’s value and keeps tenants happy.
3. Informed Decision-Making: When you have a good grasp of how things work, you’re better equipped to evaluate the quality and necessity of work done by contractors. This ensures you’re not being overcharged or paying for unnecessary work. 
4. Increased Property Value: Well-maintained properties with thoughtfully executed improvements can significantly increase in value. By doing some of the work, you can stretch your budget to cover more improvements, thereby boosting the property’s market value and monthly rents.

Tips for Building Your DIY Skills

1. Start Small: Begin with simple projects, like fixing a leaky faucet or installing a new light fixture. These small successes will build your confidence and skills over time while not taking any unnecessary risks.
2. Use Online Resources: Websites like YouTube and home improvement blogs offer step-by-step guides and tutorials for almost any project you can think of. This may also help you diagnosis a problem so you know who to even call.
3. Practice Makes Perfect: Don’t be afraid to make mistakes. Each project, successful or not, teaches valuable lessons that improve your skills and knowledge for future endeavors. Any time spent on your properties will provide you with invaluable experience and understanding of the asset you own.

As you scale, you will hire more and more work out but until then don't be afraid to get into your investments.

The picture below was a long day managing a community park we are building in one of my mobile home park communities. $50,000 job done for less than $10,000. Many of my projects are being positioned for the day that rates come down, whenever that happens.