Hire it all out, right?
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Hire it all out, right? (by NE [PA]) Feb 20, 2024 4:00 PM
       Hire it all out, right? (by RB [TN]) Feb 20, 2024 4:15 PM
       Hire it all out, right? (by NE [PA]) Feb 20, 2024 4:16 PM
       Hire it all out, right? (by Ken [NY]) Feb 20, 2024 4:48 PM
       Hire it all out, right? (by BillW [NJ]) Feb 20, 2024 4:50 PM
       Hire it all out, right? (by Ken [NY]) Feb 20, 2024 5:22 PM
       Hire it all out, right? (by Jason [VA]) Feb 20, 2024 5:53 PM
       Hire it all out, right? (by Mapleaf18 [NY]) Feb 20, 2024 6:24 PM
       Hire it all out, right? (by Sisco [MO]) Feb 20, 2024 6:57 PM
       Hire it all out, right? (by NE [PA]) Feb 20, 2024 7:01 PM
       Hire it all out, right? (by zero [IN]) Feb 20, 2024 7:01 PM
       Hire it all out, right? (by Mapleaf18 [NY]) Feb 20, 2024 7:50 PM
       Hire it all out, right? (by Mike [PA]) Feb 20, 2024 7:54 PM
       Hire it all out, right? (by NE [PA]) Feb 20, 2024 7:58 PM
       Hire it all out, right? (by 6x6 [TN]) Feb 20, 2024 7:59 PM
       Hire it all out, right? (by NE [PA]) Feb 20, 2024 8:01 PM
       Hire it all out, right? (by NE [PA]) Feb 20, 2024 8:13 PM
       Hire it all out, right? (by 6x6 [TN]) Feb 20, 2024 8:23 PM
       Hire it all out, right? (by Ken [NY]) Feb 20, 2024 9:03 PM
       Hire it all out, right? (by 6x6 [TN]) Feb 20, 2024 9:21 PM
       Hire it all out, right? (by Ray-N-Pa [PA]) Feb 20, 2024 9:26 PM
       Hire it all out, right? (by Sisco [MO]) Feb 20, 2024 10:37 PM
       Hire it all out, right? (by WMH [NC]) Feb 20, 2024 11:31 PM
       Hire it all out, right? (by zero [IN]) Feb 21, 2024 2:25 AM
       Hire it all out, right? (by Mapleaf18 [NY]) Feb 21, 2024 3:00 AM
       Hire it all out, right? (by Mapleaf18 [NY]) Feb 21, 2024 3:03 AM
       Hire it all out, right? (by S i d [MO]) Feb 21, 2024 8:57 AM
       Hire it all out, right? (by S i d [MO]) Feb 21, 2024 9:15 AM
       Hire it all out, right? (by Robert,OntarioCanada [ON]) Feb 21, 2024 10:28 AM
       Hire it all out, right? (by WMH [NC]) Feb 21, 2024 10:44 AM
       Hire it all out, right? (by S i d [MO]) Feb 21, 2024 11:06 AM
       Hire it all out, right? (by NE [PA]) Feb 21, 2024 11:11 AM
       Hire it all out, right? (by WMH [NC]) Feb 21, 2024 11:53 AM
       Hire it all out, right? (by plenty [MO]) Feb 21, 2024 12:30 PM
       Hire it all out, right? (by BRAD 20,000 [IN]) Feb 21, 2024 1:24 PM
       Hire it all out, right? (by NE [PA]) Feb 21, 2024 1:28 PM
       Hire it all out, right? (by BRAD 20,000 [IN]) Feb 21, 2024 1:32 PM
       Hire it all out, right? (by WMH [NC]) Feb 21, 2024 1:37 PM
       Hire it all out, right? (by NE [PA]) Feb 21, 2024 1:47 PM
       Hire it all out, right? (by NE [PA]) Feb 21, 2024 1:51 PM
       Hire it all out, right? (by Ken [NY]) Feb 21, 2024 2:29 PM
       Hire it all out, right? (by NE [PA]) Feb 21, 2024 2:43 PM
       Hire it all out, right? (by NE [PA]) Feb 21, 2024 2:47 PM
       Hire it all out, right? (by Ray-N-Pa [PA]) Feb 21, 2024 6:23 PM
       Hire it all out, right? (by BRAD 20,000 [IN]) Feb 22, 2024 12:37 AM
       Hire it all out, right? (by tryan [MA]) Feb 22, 2024 4:23 PM
       Hire it all out, right? (by WMH [NC]) Feb 22, 2024 6:02 PM
       Hire it all out, right? (by zero [IN]) Feb 23, 2024 7:54 AM
       Hire it all out, right? (by wmh [NC]) Feb 23, 2024 10:33 AM
       Hire it all out, right? (by zero [IN]) Feb 23, 2024 6:17 PM

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Hire it all out, right? (by NE [PA]) Posted on: Feb 20, 2024 4:00 PM
Message:

Got a bill for a service call a couple weeks ago. Fuel tank ran out. HVAC company dumped in 20 gallons and bled the lines, restarted the furnace. $395. Iím not a rocket scientist, but I know what it takes to turn a 10 mm bleeder nut on a blower motor and then turn it back closed to get the motor running. So I think $395 is quite hefty of a bill. Granted, this will be back charged to the tenant, but if I was in the area, I wouldíve done it.

This isnít my main point. My main point is, how many other things are like this within our business? $395 service call for MAYBE an hours worth of work with travel time. Times that by 2,000 working hours a year. How many of you are net cash flowing $800,000 a year from your rentals alone? Iím guessing not too many. --174.240.xxx.xxx




Hire it all out, right? (by RB [TN]) Posted on: Feb 20, 2024 4:15 PM
Message:

Oil and propane companies will (notoriously) rake ya

every chance they get. --69.130.xxx.xxx




Hire it all out, right? (by NE [PA]) Posted on: Feb 20, 2024 4:16 PM
Message:

Yes, and theyíre certainly not the only ones. --174.240.xxx.xxx




Hire it all out, right? (by Ken [NY]) Posted on: Feb 20, 2024 4:48 PM
Message:

if you did it yourself how much would you have charged the tenant? tenant would have flipped out at $395 if you did it yourself so what you did was best course of action.I have a project coming up and looks like i have a new guy coming to work for meand the only thing i do is buy and supervise --71.217.xx.xxx




Hire it all out, right? (by BillW [NJ]) Posted on: Feb 20, 2024 4:50 PM
Message:

I think if you can do a high value task like that, you should, especially if it's something you like doing. Not everyone can.

I was hiring out everything at one point, but now I do a lot of it myself. I enjoy the work and youtube can explain how to do anything. If I hire someone, I still need to arrange for letting this person in and sometimes that is me, so I might as well fix it myself, if I'm able.

Another consideration is liability, especially if the task should be done by someone with a license. Once I had an electrician replace some missing grounds on outlets. The house caught on fire the same day and when I showed up at the scene, with all the fire trucks around, I was glad to say I had a licensed electrical doing the work. I wonder if I would have gotten the $170k settlement, if the fire was caused by my electrical work? --96.242.xx.xx




Hire it all out, right? (by Ken [NY]) Posted on: Feb 20, 2024 5:22 PM
Message:

BillW- if the tenant wants the work done they will be there to let the worker in --71.217.xx.xxx




Hire it all out, right? (by Jason [VA]) Posted on: Feb 20, 2024 5:53 PM
Message:

Labor is ridiculous nowadays, I had a guy quote me $6k to hang and finish 10 sheets of drywall and install 2 interior doors. I laughed and hung up on him and did it myself in a weekend --71.63.xx.xx




Hire it all out, right? (by Mapleaf18 [NY]) Posted on: Feb 20, 2024 6:24 PM
Message:

Jason, if you are anywhere near DC with all the rich politicians and attorneys, prices will be super high. --172.56.x.xx




Hire it all out, right? (by Sisco [MO]) Posted on: Feb 20, 2024 6:57 PM
Message:

We need to have the right systems in place to reduce frequency of these issues.

Secondly, we must develop relationships with excellent service providers so as minimize overall expenses. We canít expect anything but the tourist rate when we are a stranger to the service providers. --149.76.xxx.x




Hire it all out, right? (by NE [PA]) Posted on: Feb 20, 2024 7:01 PM
Message:

Sisco, this is at the discounted rate. They handle all of my properties annual maintenance, plus will-call service. My typical system that is in place to prevent these types of things is to rip out furnaces and install electric baseboard when ever I can. --24.152.xxx.xx




Hire it all out, right? (by zero [IN]) Posted on: Feb 20, 2024 7:01 PM
Message:

Jason, I would almost do it for half the price and I live in Indiana. --107.147.xx.xx




Hire it all out, right? (by Mapleaf18 [NY]) Posted on: Feb 20, 2024 7:50 PM
Message:

NE, on electric baseboards, relays can go bad. Just sayin' --172.56.x.xx




Hire it all out, right? (by Mike [PA]) Posted on: Feb 20, 2024 7:54 PM
Message:

While it seems high, in my area HVAC techs are becoming the new doctors. No one wants to go into trades anymore so their are fewer & fewer companies to cover all the properties.

Those who can respond quickly can make that kind of money. I guess look at it this way...they saved your heating system from potentially freezing saving you thousands. Let's hope you can collect that from the tenants. I'm sure they will be flipping out. --24.115.xx.xxx




Hire it all out, right? (by NE [PA]) Posted on: Feb 20, 2024 7:58 PM
Message:

Mike -Pa, I agree with tradesman being the new drs and lawyers of the future. Been saying that for a while now. I canít spin it far enough to justify that high of a price for 20 gallons of fuel oil, a funnel and the 1/4 turn of a wrench though. Thatís because I know whatís involved in restarting the burner, which isnít much. Also, tenant paid what was back charged to them. --24.152.xxx.xx




Hire it all out, right? (by 6x6 [TN]) Posted on: Feb 20, 2024 7:59 PM
Message:

Not right for me as of yet. Still doesn't make since to me to hire it out and pay more in labor cost then I can get in rent in 5 or 10 years. If it takes me a whole year to get it done, I could get 18K gross per year in rent, but took the year and saved at least 30K, if I was lucky, and just in labor cost, how am I not better off to DIY? --73.190.xxx.xxx




Hire it all out, right? (by NE [PA]) Posted on: Feb 20, 2024 8:01 PM
Message:

Maple leaf, electric baseboard is a $25-$30 fix for at most a thermostat or $10/ft depending on the size of the heater. WAY WAY less than a furnace call. Plus if one baseboard goes down, you donít lose the whole house. --24.152.xxx.xx




Hire it all out, right? (by NE [PA]) Posted on: Feb 20, 2024 8:13 PM
Message:

6x6, thatís how I look at it. I have one house I redid a bathroom in 17-18 years ago now. Still going strong. Even though I labored for free way back then, Iím still getting paid for that job today. I had a skid steer operator spread gravel on that same job at that time, heís not getting paid from that job anymore. Same goes for whatever other work I do on projects. If I labor for free on a window change out, I get paid in rent for years and years. To me itís backwards thinking to hire everything out on rentals. (Thatís just me and I mean no offense to those who do.)

If I Cashflow $300 a month on a unit and pay to repaint it for $2,000 like some landlords here claim to do at each turnover, I might as well just sell them.

--24.152.xxx.xx




Hire it all out, right? (by 6x6 [TN]) Posted on: Feb 20, 2024 8:23 PM
Message:

It's not just you. I don't understand how or why others don't look at it the way we are. It hasn't resonated with me yet. --73.190.xxx.xxx




Hire it all out, right? (by Ken [NY]) Posted on: Feb 20, 2024 9:03 PM
Message:

NE,6X6 when i am busy i dont have the time to go fix anything and why should i when the tenant caused the problem and will pay it anyway? i spend my time looking at more projects to buy and supervising flips which are the 2 things i cant hire out.Not to mention i dont like working on houses anyway.I have a project coming up and a new hire at $30 an hour,it looks like the banks are starting to sell houses they owned for awhile,the house i am buying now the bank has owned for 7 years so i am hoping they will start sellin more of these as the economy continues going down hill --71.217.xx.xxx




Hire it all out, right? (by 6x6 [TN]) Posted on: Feb 20, 2024 9:21 PM
Message:

Thank you, Ken. I will keep pondering this. Maybe one of the things is that all I am really accustomed to is working with my hands. --73.190.xxx.xxx




Hire it all out, right? (by Ray-N-Pa [PA]) Posted on: Feb 20, 2024 9:26 PM
Message:

NE,

On any place where I have an oil furnace, I make sure the tenant knows that they are responsible for that repair bill if they run the tank dry.

I believe the last time that happened, the bill was somewhere about $150 and I thought that was about $30 too high --24.101.xxx.xxx




Hire it all out, right? (by Sisco [MO]) Posted on: Feb 20, 2024 10:37 PM
Message:

NE, there is absolutely nothing wrong with you DIY repairs. But pay yourself top dollar for the repairs. Avoid the unpaid maintenance job so that you can collect rent.

If the houses wonít be profitable to after paying market rate for maintenance and repairs, swap these houses for property that will be profitable to you whether you DIY maintenance or you hire it done. --149.76.xxx.x




Hire it all out, right? (by WMH [NC]) Posted on: Feb 20, 2024 11:31 PM
Message:

6x6, my husband often says what you just did: even if it takes him a MONTH to paint a unit, for example - and it won't - a painter will charge upwards of two-three months rent these days. And he likes problem solving, and he likes to work with his hands.

We DO pay tradespeople when we have to, or these days when we want to because we can. But still, more often, he will just do it himself. Or coerce one of our sons to help if need be :) --173.28.xx.xxx




Hire it all out, right? (by zero [IN]) Posted on: Feb 21, 2024 2:25 AM
Message:

I do most of my own work. It's what I do.

That being said there are times when it makes more sense to hire it out.

I can roof, but not fast enough to compete with the crew I hire. Plus I am not built for it any more.

Finishing up an apartment now. I painted it all. Did some other stuff as well. Saved a lot on labor costs, especially since I can't find people to jump on jobs asap.

I did hire out the front door replacement because I got a quote and the last tenant is paying for it. I kept doing my thing while he did his.

Loved not mowing last year. Must find someone else for this year. Only one day a week loss if I do it, but while I am doing it all I can think about is what else I could be doing with my time. --107.147.xx.xx




Hire it all out, right? (by Mapleaf18 [NY]) Posted on: Feb 21, 2024 3:00 AM
Message:

NE, true but do you get negative feedback from tenants since electric heat tends to be much more expensive than any other form? Unless you have some local municipal electric company. --172.56.x.xx




Hire it all out, right? (by Mapleaf18 [NY]) Posted on: Feb 21, 2024 3:03 AM
Message:

Recent Southpark episode portrays contractors as the new doctors and lawyers.

DH is one of the very few left in our area that will work on oil fired furnaces/boilers/steamers. --172.56.x.xx




Hire it all out, right? (by S i d [MO]) Posted on: Feb 21, 2024 8:57 AM
Message:

I have to concur with my pal Sisco's advice: it's fine if you want to DIY, but are you PAYING YOURSELF for that repair? If not... and I mean physically moving money from your business account to your personal account, then you "savings" are disappearing into the ether. What's more, when you go to sell your property in the future, the Buyer will take one look at that and realize your maintenance costs are too low, and they will discount their price paid accordingly. If they have a brain, that is. (*wink)

A few more thoughts:

1) Not ever repair is going to save you $400 for 10 minutes of work. I would guess this is an anomaly.

2) You won't always know what the problem is. I tried "fixing" a water heater once, and after tinkering around with it for 3 hours and busting my knuckles trying to change a thermocouple (only a $10 part, right?)... I found out that on that specific year and model of Whirlpool those were reverse threaded, so the one I bought didn't work. $80 service call to my plumber and he got 'er done in 30 minutes.

3) You won't always be around to do the job. If you're sick or on vacation or working on another job site ... I guess the tenant just has to wait for you to get freed up / healthy if you don't have a service provider lined up who puts you at the front of his list.

4) Time and focus lost. This is the biggie. Even if you don't accept 1 - 3, pay attention to this. Let me explain....

I used to pride myself in DIYing almost everything at my rentals except for roofs, furnaces, and complex plumbing. I twisted the wrench under kitchen sinks... I soldered the joints for new supply lines... I painted the walls... I cleaned out the fridge and de-iced it... I mowed the yards... I laid the Allure vinyl plank. I ran myself ragged caring for 12 units. 3 am work to repair a floor at a vacancy. Weekends always filled with little "this 'n that" jobs.

Today I have 54 units and more time and money than ever in my pockets. Vacancy rates plummeted from 15% or more to just 3%. But more than anything, I had time and vision to grow the empire.

The king doesn't clean the privy. Nothing wrong with cleaning the privy; it's honest work and has to be done. But someone also has to expand, defend, and rule the realm. Can't do that when you're caulking the tub.

Last thought: it's your business. Do whatever floats your boat and makes you happy. But from a purely profit-driven viewpoint, which appears the be your main argument here NE.... there's no comparison. DIY limits profits to whatever you can scrape off the floor. Taking the "manager" / CEO role multiplies that x 100. No contest. Can't be argued against logically.

There's a reason why Warren Buffet spends his days reading and researching companies instead of installing a toilet in Berkshire Hathaway.

--184.4.xx.xxx




Hire it all out, right? (by S i d [MO]) Posted on: Feb 21, 2024 9:15 AM
Message:

P.S. If your HVAC guy is making $395/hour for bleeding lines, you should sell all your rentals and go into HVAC!

Guess I lied about "last thought" above. Hee, hee...

In all seriousness, NE, I get it. It pained me at first to write those "big" checks to service providers. All that money going out the door. I look at my expense line items at tax time and think... "Dang, if I only I could capture all that myself." I paid my handyman $15,000 in labor costs only last year. FIFTEEN THOUSAND $$$! He also turned over 5 units for me averaging about 1-2 days per turn and kept me free to do other stuff on 52 weekends and 365 evenings.

But here's the thing: I can't do all those things. I'm only one person and my knowledge and skill set are limited.

If we take DIY for granted, we should all be fixing our own cars, repairing our own houses, maintaining our own computers/networks, and doing a host of other tasks. Who has the time, knowledge, and expertise to do all that?

The modern economy is built on specialization. 6,000 years of recorded human history everyone did everything for themselves: the ultimate DIY economy. 95% of people also lived in abject poverty trying to keep every penny for themselves.

Only in the past 500 or so years did people really figure out how to leverage talent and expertise on a national and finally a global scale. The industrial revolution resulted and now the information age. Wealth has exploded and everyone has benefitted.

Again, do what makes you happy! No fuss, no foul. But from a strictly dollars in your pocket, results-only argument, the winner is clear: be the guy who optimizes his value rather than tries to hoard every penny generates far more income and builds more wealth. I'm sure there are SOME tasks you hire out or at least get helpers for, which tells me you know that at some point the value of someone elses' labor multiplies the value of the money you pay them; otherwise, it would make sense to DIY everything yourself.

--184.4.xx.xxx




Hire it all out, right? (by Robert,OntarioCanada [ON]) Posted on: Feb 21, 2024 10:28 AM
Message:

If natural gas is available then in the long run convert out to natural gas where boiler or furnace requires cleaning and inspection every two years. Last inspection and cleaning paid $135.00 Cdn by local company who sell and service Lennox furnaces. Furnace was replace 3 years ago. --207.236.xxx.xxx




Hire it all out, right? (by WMH [NC]) Posted on: Feb 21, 2024 10:44 AM
Message:

As people who live strictly on their rents and not income from a W-2 job, SID, a penny saved is a penny directly in our pocket. We pay ourselves every day! Groceries, cars, clothes: all paid with rents. So saving money on a job he can do makes DH happy. But he just as happily pays an expert when needed. He knows what he doesn't know and he knows what he doesn't want to do anymore.

We had to replace a septic field the other day. In order to fulfill the permit, an old well had to be taken out of service. In order to find the well head, a shed had to be moved. DH did a bit of digging himself to confirm locations and other issues - but then called in the guys with the big guns (backhoes) and expertise (well guy.) He's not foolish about what he does, but he does confirm what the tradespeople should be doing.

Knowing about your properties from their perspective DOES save time and money - if they ask, "Where's the well?" and you say "I dunno, you find it..." well that's money we could keep in our pocket - instead he is able to say "It's here." --173.28.xx.xxx




Hire it all out, right? (by S i d [MO]) Posted on: Feb 21, 2024 11:06 AM
Message:

Like I said (twice), WMH... if it makes you happy, go for it... no fuss, no foul. I get it. I've been there, done that. And I've been on both sides.

I just can't argue the NUMBERS. The numbers do not lie. When I had 12 units and DIY's... I made X. When I took the tool out of my truck (and sold the stupid truck)... I made X * 500% and I have 54 units...all appreciating nicely and giving me tons of depreciation to protect both my rent income and W-2 income from Uncle Sam.

My time and life back are a bonus. Freedom is priceless! But it also pays handsomely.

This isn't about being right: this about acknowledging reality. If DIYing is your passion and you like it, then do it. Ignore me.

But if pure profit is your motive, and again THAT IS NE's assertion ... well... talk to any CEO, Brad 20K, or Jeffrey. That was a convention theme once: Do Less, Make More!

--184.4.xx.xxx




Hire it all out, right? (by NE [PA]) Posted on: Feb 21, 2024 11:11 AM
Message:

Sid, Iíll get back to your first 2 posts later. But like WMHís husband, we have located wells, pulled and changed our own well pumps, ran our own heavy equipment and done our own septics. Countless 10ís of thousand saved over the years. Makes a huge difference when you live off the income. Itís like asking a farmer not to farm. --174.240.xxx.xxx




Hire it all out, right? (by WMH [NC]) Posted on: Feb 21, 2024 11:53 AM
Message:

Good point about the farm, NE. SID, my issue is that a few on here - ahem - stress "Don't work on your rentals!" but in reality, especially nowadays, *especially* when you are just starting, you have to. But there is an element of shaming of those who do it.

We've all seen or heard about people jumping into rentals without a clue about the business OR properties. If you know nothing about nothing you're going to go broke.

Those late-night painting parties, struggling with water heaters, digging septics: early on those are necessary chores to reach the point where you CAN take the tools out of the truck and know if the guy you are hiring is charging a fair price or ripping you off...just like spending any time in eviction court teaches you about who NOT to rent to... --173.28.xx.xxx




Hire it all out, right? (by plenty [MO]) Posted on: Feb 21, 2024 12:30 PM
Message:

Some things we like doing . It's exercise, it's interesting and we do save money ... We want to spend our time doing something. There are certain task that it's just wiser to delegate. Too much risk, we aren't as young as we once were. NE your younger, and I hope one day you may have wisdom to reflect and adjust. --172.59.xxx.xxx




Hire it all out, right? (by BRAD 20,000 [IN]) Posted on: Feb 21, 2024 1:24 PM
Message:

NE,

Do you have a breakdown on that bill?

Delivery?

Emergency, weekend, or after hours fee?

Fuel surcharge?

Environmental impact fee?

Fuel provided?

Labor to turn the nut?

I changed HVAC company when they added $15 fuel surcharge to each trip INSIDE our town. Come on!

I do agree it is tougher now to get help. I used to hire off duty firemen, retired guys who liked to tinker, people who don't want to work inside a stinky factory, can't pass a drug test for factories...

Local factories no longer require a drug test and they send a van to pick up the workers, $14.75/hr.

I still contact contractors but with great frustration. Recent purchase needed paint - 5 bed, 2.5 bath - $10,000 labor plus paint. Another wanted $27,000 to hang 15 doors and lay LVT. $100/hr for basic rental turnover handyman tasks.

Who is paying these prices to encourage these guys?

BRAD --73.103.xxx.xxx




Hire it all out, right? (by NE [PA]) Posted on: Feb 21, 2024 1:28 PM
Message:

Donít get me wrong folks, I do hire some things out. As Ivesaid before, itís if I donít want do it, or Iím not skilled enough to do it. But at this point most the time, if I see a project, it would be more of a waste of my time and take WAY LONGER to arrange someone to come and get it done. --24.152.xxx.xx




Hire it all out, right? (by BRAD 20,000 [IN]) Posted on: Feb 21, 2024 1:32 PM
Message:

BTW

Doing the work myself for 20 years got me started. I had no money and was barely squeezing ANY cashflow. I remember one home was $15/mo cash flow before taxes.

I enjoyed knowing I could swap out a toilet flapper in 60 seconds and walking thru Lowes with a big ring of keys on my belt. All the dept heads knew me.

I learned to paint REALLY fast because I was there until 2 am. No sleep until it's done. Great satisfaction.

At 55 homes I was going crazy. A retired man said "Let me do that with my adult son." They got the home ready in one day. Changed my perspective.

It's OK for a LL to do their own work. Just realize there are also other methods available.

BRAD --73.103.xxx.xxx




Hire it all out, right? (by WMH [NC]) Posted on: Feb 21, 2024 1:37 PM
Message:

My point exactly, Brad.

Sometimes hiring a contractor is NOT a good idea.

$27,000???? Holy cow.

But our good, reliable, reasonable but not cheap painter got out of the business and started selling cars or something. :( So not sure what we'll do next time we need a full paint job. --173.28.xx.xxx




Hire it all out, right? (by NE [PA]) Posted on: Feb 21, 2024 1:47 PM
Message:

I associate with enough contractors to know that half the time they just throw our $$ numbers to see if youíll bite. One guy that I use sometimes will send me a number and I know his track record well enough to now if I respond via text, all I will write is haha. And then a few minutes later a discounted price will come through. --24.152.xxx.xx




Hire it all out, right? (by NE [PA]) Posted on: Feb 21, 2024 1:51 PM
Message:

Brad, you pay airfare and Iíll paint your house for $8,000. --24.152.xxx.xx




Hire it all out, right? (by Ken [NY]) Posted on: Feb 21, 2024 2:29 PM
Message:

if you had gone and done the job what would you have charged the tenant? do you think they would have complained they shouldnt have to pay you since you own the place? --71.217.xx.xxx




Hire it all out, right? (by NE [PA]) Posted on: Feb 21, 2024 2:43 PM
Message:

Ken, with furnaces my lease states that if thereís any damage caused by running out of fuel, that the tenant is responsible. What would I have charged them? That depends on the tenant. They all wouldíve got a very stern warning right up front to not let that happen again. If it was an A+ tenant, I wouldíve let the first time slide minus the cost of the fuel. If they were a PITA tenant, they wouldíve probably been charged the rate of labor in the lease plus fuel. Time involved maybe 100 bucks. And Iím fine with that.

The tenant paid this anyways. Maybe I probably should add in at lease HALF the cost of the HVAC companies charge as the service call fee. A flat 150 or $200, if we can fix it or HVAC companies cost if they have to come out. Is it too shabby for an hours worth of work.

--174.240.xxx.xxx




Hire it all out, right? (by NE [PA]) Posted on: Feb 21, 2024 2:47 PM
Message:

Ken. I donít have a built in ďkill em allĒ clause in my lease. Haha. Thatís why my charge to the tenant in this particular situation would vary. --174.240.xxx.xxx




Hire it all out, right? (by Ray-N-Pa [PA]) Posted on: Feb 21, 2024 6:23 PM
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In the commercial world, a dollar saved isn't a dollar earned. With a 10% Cap Rate it is $10. So if you can save yourself an extra $400 - you are gaining ten fold that.

Not everyone is willing or even has the know how that an experienced landlord has. I love my brother, but he outsources everything on his house - but then again he is a hospital suit of some kind. --24.101.xxx.xxx




Hire it all out, right? (by BRAD 20,000 [IN]) Posted on: Feb 22, 2024 12:37 AM
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Thought...

Don't add to your own TO DO list because the res is too lazy to do it themselves.

I look for SELF CONTAINED projects such as painting, mowing, swap ceiling fans...where there is a defined beginning and and end to farm out.

BRAD --73.103.xxx.xxx




Hire it all out, right? (by tryan [MA]) Posted on: Feb 22, 2024 4:23 PM
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Back when I had 23 doors in the hood, full time job in mega corp, wife, 2 kids ... I hired a bi-lingual property manager for the rental side. She started at 10% then 12% then 15% of my gross rents. PLUS a months rent for any vacancy filled.

Needless to say my cashflow tanked from positive to break even. This manager would hire an electrician for a hallway light bulb change and a master plumber for a toilet clog. CYA was the way.

I canned them when I left mega corp. --198.168.xx.xxx




Hire it all out, right? (by WMH [NC]) Posted on: Feb 22, 2024 6:02 PM
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That's why I always say a pro property manager's goals are diametrically opposed to an owner/landlord's. It's not that they are crooked - it's just a totally different job with very different goals.

Their goal is to fill units quickly - rather than hold out for the RIGHT tenant, they will take the FIRST one to qualify. And turnover, for them, is not a bad thing - more cash in their pocket. Damages? You pay, not them, and they hire their guys to do them. After all one of their goals is to increase their maintenance income and keep their people busy. They also like to suggest upgrades and will provide the labor pool to do them (thanks!)

Even with Jeffrey's influence and savvy, he once said he found it impossible to hire a property management company whose goals aligned with his, even after much discussion and supposed agreement - it just didn't work out. I think he even said he tried a hybrid solution of some sort but that didn't work either. His solution was to hire and train up his own people to follow his rules. At least that's what sticks in my head. I hope I'm not lying.

That's what we are doing right now - we are hiring and training up family who have a huge vested interest in doing it right as they will be the eventual beneficiaries. --173.28.xx.xxx




Hire it all out, right? (by zero [IN]) Posted on: Feb 23, 2024 7:54 AM
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My oldest is working for me right now. Between good jobs and all that.

She is showing more interest in the company but I still feel she is one application away form going back to the workforce.

The youngest has zero interest at all.

At least for the time being the oldest is learning some stuff. We are also getting more family time in because of it.

I hired a PM one time. He is a good guy but his interests are in no way aligned with mine. We still chat but he knows we can't do business together. Shame really as he has a good market share for the little area we are in. --107.147.xx.xx




Hire it all out, right? (by wmh [NC]) Posted on: Feb 23, 2024 10:33 AM
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Zero my kids are much older than yours, I bet. My youngest is 35, middle is 49, my oldest will be 52 this year (good lord.) [I was a child bride :)]

They had no interest to begin with either, especially after getting roped into some big projects 20 years ago when we were getting started...Now, though, all of them see the benefit of RE. The oldest was happy to "drop out" of the W-2 world to run his own RE biz. The other two are WAY more interested in getting in on the family biz now that they have worked in the world for awhile. --173.28.xx.xxx




Hire it all out, right? (by zero [IN]) Posted on: Feb 23, 2024 6:17 PM
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26 and 28. Spent too much time when younger stuck at ugly houses on weekends and evenings.

Today worked out a little better than normal. I was cutting a very overgrown bush up to haul off. Had the help take a deadbolt out of another apartment while I ran the saw. Then I rekeyed the deadbolt while she loaded up the limbs. Went back to cutting, she replaced the deadbolt and loaded the rest of the rubbish.

Went back to the dump off area and I talked to a guy about new awnings on the phone while she unloaded the truck.

Just finished up with a small rehab so I didn't want to go back to my big job. Instead I went to her house, had lunch and worked on a couple of her honey do projects.

Maybe it will all kick in for her, but I still think that she is just trying for the easy money between jobs.

Joke is on her as I am not taking it easy on her. --107.147.xx.xx



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