The Handicap of Handiness

Well I’ve done it again. About a week ago I found myself in a rental house – trying to get it patched up between tenants. We employ various professionals (or so called pros) to get a place whipped back into shape between tenants. But still problems creep in – schedules slip, company A quotes a ridiculous number requiring me to seek out company B, etc., etc.

So in this case there was a handyman on board, but things were running long so I did what comes so natural to me – I jumped into action on the work, spending a decent chuck of two days basically working through my own punch list.

It’s fun to write articles on the best use of your time, employing assistants, etc., and then play the hypocrite and go to work doing things I have no business doing.

I blame my father. And my grandfather. They were both darn handy – meaning they could do anything with their hands. When I was growing up I took a liking to that hands-on stuff and became rather proficient. In fact I got into real estate by flipping houses and doing all the work myself – I mean ALL the work. I didn’t know what “flipping” was, but I knew how to fix stuff.

Unfortunately all that skill at fixing stuff doesn’t translate well in investment real estate. I’m way too tempted to step onto a jobsite myself instead of letting the real pros handle it. But wait – things are falling behind, or one of the subs wrecked his van and now can’t do his work, or whatever.

I guess what I’m saying is if you know nothing about home repair, don’t despair – you can still invest. You may well be a lot better than me because of it. I recently listened to a podcast and the guy said he wasn’t really good at anything in real estate. Now that’s a real handicap right?

Wrong. The podcaster (if that’s a word) went on to say he had to find the right people to do everything. That guy worked on systems and getting the right people. When construction stumbled or vacancy was running long, he didn’t jump into action with his tool belt on. No – he found solutions that didn’t involve him dropping all other work in favor of the current crisis. And trust me, there will always be a crisis.

Now as I have fallen down repeatedly at executing, I’m probably not the one to be telling you how to do it. But I learn a little from all my screw-ups, even if I’m a slow learner. Maybe you can benefit from these as well.

First off plan ahead, plan ahead, plan ahead. As I just said, problems will come. Think about what you would do if problems X, Y, Z occur. You aren’t likely to see all of them, but it’s entirely possible one will happen.

Next, have a clear scope of work. Fuzzy job descriptions are hard to price and hard to complete. They take more of your time as you frequently visit the job to sort out details. Hand and hand with this goes decisiveness. You can save time and money by deciding up front whether you’re replacing that vanity, doing hardwood vs. carpet, etc.

Am I mastering these steps? Hell no. But I’m working on it!