Taking tools out of truck
Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage
Receive Free Rental Owner Updates Email:  
MrLandlord Q & A
     
     
Taking tools out of truck (by Robin [WI]) May 16, 2024 4:40 PM
       Taking tools out of truck (by NE [PA]) May 16, 2024 4:47 PM
       Taking tools out of truck (by Sisco [MO]) May 16, 2024 4:51 PM
       Taking tools out of truck (by NE [PA]) May 16, 2024 4:52 PM
       Taking tools out of truck (by Vee [OH]) May 16, 2024 4:59 PM
       Taking tools out of truck (by WMH [NC]) May 16, 2024 5:00 PM
       Taking tools out of truck (by S i d [MO]) May 16, 2024 5:17 PM
       Taking tools out of truck (by NE [PA]) May 16, 2024 5:28 PM
       Taking tools out of truck (by 6x6 [TN]) May 16, 2024 8:14 PM
       Taking tools out of truck (by NE [PA]) May 16, 2024 8:17 PM
       Taking tools out of truck (by 6x6 [TN]) May 16, 2024 9:04 PM
       Taking tools out of truck (by 6x6 [TN]) May 16, 2024 9:05 PM
       Taking tools out of truck (by BRAD 20,000 [IN]) May 16, 2024 9:21 PM
       Taking tools out of truck (by NE [PA]) May 16, 2024 9:23 PM
       Taking tools out of truck (by NE [PA]) May 16, 2024 9:28 PM
       Taking tools out of truck (by OREO [WI]) May 16, 2024 9:41 PM
       Taking tools out of truck (by NE [PA]) May 16, 2024 9:45 PM
       Taking tools out of truck (by 6x6 [TN]) May 16, 2024 10:09 PM
       Taking tools out of truck (by Robert J [CA]) May 17, 2024 2:43 AM
       Taking tools out of truck (by OREO [WI]) May 17, 2024 8:56 AM
       Taking tools out of truck (by zero [IN]) May 17, 2024 9:27 AM
       Taking tools out of truck (by NE [PA]) May 17, 2024 9:29 AM
       Taking tools out of truck (by S i d [MO]) May 17, 2024 10:27 AM
       Taking tools out of truck (by NE [PA]) May 17, 2024 10:33 AM
       Taking tools out of truck (by S id [MO]) May 17, 2024 2:08 PM
       Taking tools out of truck (by NE [PA]) May 17, 2024 4:36 PM
       Taking tools out of truck (by ken [NY]) May 17, 2024 5:06 PM
       Taking tools out of truck (by 6x6 [TN]) May 17, 2024 5:30 PM
       Taking tools out of truck (by Jason [VA]) May 17, 2024 5:34 PM
       Taking tools out of truck (by RB [TN]) May 19, 2024 8:03 PM

Click here to reply to this discussion.
Click Here to send this discussion to a friend

Taking tools out of truck (by Robin [WI]) Posted on: May 16, 2024 4:40 PM
Message:

I've always sided with NE on this one--why hire someone to do the half-dozen misc things that I can do for so much cheaper? Plus I like the challenge of constantly learning new skills.

Life is teaching me a lesson. I tore my meniscus and have struggled to walk for the last 3 weeks, so I've had to find alternatives to DIY. This is what I've done with my enforced desk time:

--Hired out a difficult, dirty attic insulation job that I was going to do myself. Took 10 hours (hip roof with four dormers--crazy!)and paid the guy $200. Totally worth it.

--Spent lots of time learning about lead paint and researching a solution. Saved myself $2000 in costs and got the job done in a week instead of two months from now.

--Analyzed market rents of three rentals coming up for renewal. Found out my spitball numbers were way low. Sent out increase letters that will bring in an additional $2600 next year, instead of losing track of deadlines and failing to bump up rents.

--Took the time to chat with my handyman and got a lead on a fire sale property. $20K sale price + $20K in repairs for a duplex worth $120K.

--Took the time to find someone to repair gutter/fascia/soffit on two of my properties. Not work that I would do myself but never took the time to hire out. Found and corrected some budding issues. A stitch in time saved nine.

--Finished my taxes.

--Repaired a rift with a handyman plumber that may become my go-to guy and only charges $30/hr.

So despite the doors that are currently closed, I've found several more have opened. What has your experience been with taking the tools out of the truck? Any regrets?

--104.230.xxx.xxx




Taking tools out of truck (by NE [PA]) Posted on: May 16, 2024 4:47 PM
Message:

Interesting that you post this today. Today I was not feeling myself and thought I might hire something out. I contacted the Window World guy who I used to use all the time to see what he was charging these days for basic window installs. He said about $600 per window is the average, labor & material. I hopped on homedepot.com really quick and see they are selling them for & they’re about $225 a window. I guess for the 15 to 20 minutes it takes per window, I’m not taking my tools out of the truck just yet. --24.152.xxx.xx




Taking tools out of truck (by Sisco [MO]) Posted on: May 16, 2024 4:51 PM
Message:

Robin, I realized long ago that while I am DIYing, no one is running my business. Your recap of the past three weeks is typical. --149.76.xxx.x




Taking tools out of truck (by NE [PA]) Posted on: May 16, 2024 4:52 PM
Message:

Good find on the duplex, by the way. --24.152.xxx.xx




Taking tools out of truck (by Vee [OH]) Posted on: May 16, 2024 4:59 PM
Message:

Robin, sorry to hear this happen with you, slow down the hustle and heal up. I have a girl that painted with me for years although she managed a couple dunkin donut places in the mornings nearby and is helpful since I fell out last spring, I can not get a guy who can keep up with her, the last one like her opened up a concrete business - this ones boyfriend does ashpalt half a day - what a coincidence. Help is hard to find so I also stumble around and sit on paint pails. --184.59.xxx.xx




Taking tools out of truck (by WMH [NC]) Posted on: May 16, 2024 5:00 PM
Message:

We are extremely lucky. We work well as a team, always have since we met back in the day and worked in hi-tech together at several companies.

Now DH is the DIY guy AND contractor liaison and I am the business, tax and paper person. So he doesn't need to take the tools out of his truck to run the business because that's what I do. He likes to do the stuff for which contractors charge too much for too little, and hire out the stuff where it really works for us.

So as I said: lucky. --173.28.xx.xxx




Taking tools out of truck (by S i d [MO]) Posted on: May 16, 2024 5:17 PM
Message:

Good job, Robin. Hope your knee gets better soon!

In the end, no one HAS to take the tools out of the truck. But I found out that I made substantially more money and have much more time when I did.

There may be people whose highest and best use of their time is to repair and rehab their rental properties in person. The highest and best use of my time is researching deals and working on my business. --184.4.xx.xx




Taking tools out of truck (by NE [PA]) Posted on: May 16, 2024 5:28 PM
Message:

Sid, did you finally retire from your IT tech job or whatever it was? Robin, your character will have you putting your tools back in the truck as soon as your knee mends. I would lose my mind (even more) if I hired everything out. I would not be able to sit around and not be working on my own places. 18 years of doing this and doing almost 80 houses and I have yet to make that makes sense. To the point that I don’t even try to think about shifting to hiring everything out. Not on the radar and not interested. When I inevitably become incapacitated to where I have to take my tools out of my truck, then I will be driving my truck to the realtors and listing everything for sale. --24.152.xxx.xx




Taking tools out of truck (by 6x6 [TN]) Posted on: May 16, 2024 8:14 PM
Message:

Robin, thanks for sharing your experience with that. It is good to be reminded of things and to get a different view from different people. I am kind of like NE though as I don't like sitting behind a desk and can't make since of the numbers. However, I would like someone to handle the paperwork end. I hope you get well soon. --76.129.xxx.xx




Taking tools out of truck (by NE [PA]) Posted on: May 16, 2024 8:17 PM
Message:

6x6, I hire out the paperwork. Bookkeeper comes every 2 weeks and she’s phenomenal. Hiring that makes sense in my world. --24.152.xxx.xx




Taking tools out of truck (by 6x6 [TN]) Posted on: May 16, 2024 9:04 PM
Message:

Thank you, NE, what does she charge?

How did you find her?

--76.129.xxx.xx




Taking tools out of truck (by 6x6 [TN]) Posted on: May 16, 2024 9:05 PM
Message:

Sounds like she is part time? --76.129.xxx.xx




Taking tools out of truck (by BRAD 20,000 [IN]) Posted on: May 16, 2024 9:21 PM
Message:

Robin,

God has a way of pointing us where He wants us to go, tho it usually involves pain. Bummer on the knee but congrats on the blessing of a new outlook.

A beauty of this biz is anyone can work it how they please. AND...We can also adapt as our interests and dreams change.

DIY got me started, helped me build, but soon it was limiting my biz and my income.

The pen is mightier than the nailgun!

I signed checks today, prepped by my bookkeeper, for 2 homes supercleaned, 2 homes fully painted, a list of basic turnover repairs that was prepped by my super was completed, and grass mowed at some multis. I spent about 15 minutes to write those work orders and text a photo of each to the helpers, and 5 minutes to sign their checks. My business moved forward with 20 minutes of my time...

After I had a 40 minute phone call with a man selling a multi million dollar apartment complex.

Free the rest of the day.

Short version, when I was DIY my net worth topped out at a $_____, no more room to grow. When I set my pride handyman mastery aside and learned to hire my biz and income grew to many times that.

Life is short. Do what makes you happy.

BRAD

--73.103.xxx.xxx




Taking tools out of truck (by NE [PA]) Posted on: May 16, 2024 9:23 PM
Message:

$35 an hour. I found her through my accountant. He made me start using her because I had so much paperwork and I can’t do it. I am not a paperwork organizer or computer worker, etc. My wife handles the TV remote. You get the idea. But give me a hammer, a spackle knife and a dilapidated house and I’m a wizard. Know your strengths and your weaknesses. --24.152.xxx.xx




Taking tools out of truck (by NE [PA]) Posted on: May 16, 2024 9:28 PM
Message:

Brad, I have to argue with that pen vs nail gun theory. I know a contractor building a house RIGHT NOW that is charging the homeowner almost double what the house is going to be worth when it’s finished. He tells me his contracting deals from time to time. They are insane what he charges people and people pay it!!! I call him a scoundrel or whatever name I can throw his way and he always says “con” is in the name. Good for him, if he can sell it. --24.152.xxx.xx




Taking tools out of truck (by OREO [WI]) Posted on: May 16, 2024 9:41 PM
Message:

Robin: Hope you get well soon. Reminded me of the 8 months I had a cast on and had to have the prospects pick me up to show my property to them because I couldln't drive.

I need someone to do paperwork. Tell us more NE.

--75.11.xx.xx




Taking tools out of truck (by NE [PA]) Posted on: May 16, 2024 9:45 PM
Message:

Oreo, I would just ask your accountant who he would recommend as a book keeper. Show them your set up and ask them how to handle it. I set up an office at my house and this lady comes here and has her own desk, computer, filing cabinets, etc. She handles my RE & other business. She’s an older lady and often brings my young kids treats, etc. My books would be a disaster without her. --24.152.xxx.xx




Taking tools out of truck (by 6x6 [TN]) Posted on: May 16, 2024 10:09 PM
Message:

I do understand, as I hunt and peck on this keyboard. Thanks NE. --76.129.xxx.xx




Taking tools out of truck (by Robert J [CA]) Posted on: May 17, 2024 2:43 AM
Message:

Back in 1979, I was only 19 years old, my gas line to a rental pool heater sprung a leak. My broker sent her plumber over there for an estimate. With all of the discounts, it would cost me $2,500. That's $7,500 in today's money. That's for a new underground galvanized line running from my gas meter to the pool heater, some 50 feet.

SO instead I pulled a permit. Ran the gas line under a 3 foot walkway, up from the ground to the block wall fence between me and my neighbor. Ran the "larger" diameter gas line 18" from the ground along the fence (Block Wall) and then was covered by my side planter scrubs. So the line was exposed along the block wall for only 20 feet, strapped as per code.

We the City, Building and Safety and Gas Company failed my job saying it is not allowed, an exposed gas line! They cut the line and capped it off at the meter.

I than took the State Contractors exam for Building, Law and Plumbing. Getting 100% on two test and 96% on the third. I then went to court and sued the City, Gas Company and the plumber who gave me the estimate, then ratted me out. I had a permit that passed but the City didn't like the Idea a home owner could do it better and cheaper than professionals. I had spent around $200 for parts, materials and dump fee's.

SO from then on, doing things for less by myself and having top quality results was my key to success and allowed me to buy more property.

But some things should be left to experts who can get good results in less than half the time it would take me to do the same jobs. Like interior painting of a rental. Window replacement. And landscaping. --47.155.xx.x




Taking tools out of truck (by OREO [WI]) Posted on: May 17, 2024 8:56 AM
Message:

Thanks NE. Great idea. I'm in the process of changing accountants so I'll ask both of them!

We're not finding the quality my husband brings to the table on so many jobs, and he enjoys the work as NE does.

We take the tools out of the truck when hubby's got more jobs than can get done in a timely manner. I love painting, have been doing it since I was 4, if you count painting the neighbor kids large toy rocking horse. So painting is something we do so we can pay for all the jobs Robert J can do that we can't. --75.11.xx.xx




Taking tools out of truck (by zero [IN]) Posted on: May 17, 2024 9:27 AM
Message:

Hoping that I can learn more ways to find properties at the convention. There isn't much around here that isn't above retail. I spent the money I had saved back for a deal on a deal and now I am slowly building it back up.

Trying to get a handyperson again. I don't have enough work for a full time employee (thankfully), nor do I have the money to pay someone full time. The few people I have tried are either idiots that say they can do it all or they don't want to do the dirty work.

I was under a house yesterday. I installed a new sump pump and attached and taped the dryer vent which had come undone and dumped lint in the crawl.

Side note, I found a golf ball in the vent. How? I am still pondering.

Now maybe I could have found a meth head and had them do this work, probably for cheap. But then I would have to go down there and make sure they did it right, so why not do it myself?

Guy that does my sewer and well work gave me a quote the other day for installing a sump in a basement and plumbing it out. It was over $1500. Not including the pump. He used to talk to me about bumping quotes when he didn't want the job, but I never thought he would do it to me.

Trying to find someone else to do it, but it is on my to do list otherwise. --107.147.xx.xx




Taking tools out of truck (by NE [PA]) Posted on: May 17, 2024 9:29 AM
Message:

Zero, I have a sumo pump to do at my current rehab also. I won’t even be getting quotes. --174.240.xxx.xxx




Taking tools out of truck (by S i d [MO]) Posted on: May 17, 2024 10:27 AM
Message:

NE, nope, still working the "slave" job 7 - 4 daily, M-F.

And why not? It's good work. Keeps me busy. Provides low cost health insurance. Free money via ROTH 401K match. Camaraderie in an industry that interests me... and leaves me with more than enough time to manage my rentals. I can work inside or outside, at my house or my favorite local pub, and I get 6 weeks of paid vacation/holiday time off annually where I make money for waking up.

Could I quit my job and triple my unit count? Possibly. Do I really want to? Nah, not really. 54 units is enough for now. I'm currently doing one-off flips to generate added income. I'm not sure that more units would make me measurably happier, though. I have everything I need and much of what I want.

Could 5 more units buy me a nicer Porsche? Sure, but that's a never ending game. I already have a nice Porsche, and I enjoy driving it very much. I've seen the guys with the $100,000 Porsches; they're trying to get the $150,000 Porsche, and those guys are trying to get the $200,000 Porsche, the trailer, and the mobile home. Just more stuff no matter how high you go. I'm content with what I have now. I'll probably trade it off in a few years and upgrade to a little more hp and comfort, but today I'm hitting twisty backroads and taking corners at 80 mph... going 85 or 90 around those corners won't noticeably improve my life and might actually scare the ba-jeebers out of me.

Could 100 more units allow me to retire today? Yeah, probably, but.... I'd have to find something productive to do with my time vs. sit around all day. I hear that's one of the worst parts of retirement: folks who have nothing meaningful to do. Most of my friends won't retire until they are at least 60 years old, so I won't be able to pester them. Today, I'm playing with robots that do Cycle Counting in our new warehouse, managing over 128,000 SKUs. Cool stuff! Making 6 figures doing that is not a bad deal at all.

I'm going on a West Coast vacay this summer with the whole family for 2 weeks. Driving through the mountains, swimming in the ocean, 4-wheeling in the mountain forests and deserts. Then in Sept wifey and I are going for a week in Munich, German for Oktoberfest. Plus we just upped our donations to our favorite local charity and made a sizeable contribution to our church's expansion campaign since we are maxed out at capacity every Sunday and growing. God is good! Life is good and I'm happy with it! --184.4.xx.xx




Taking tools out of truck (by NE [PA]) Posted on: May 17, 2024 10:33 AM
Message:

I’m not knocking your 9-5 (7-4) at all. Just finding a basis for reference here. Much easier to hire things out when you have a day job. Or in Sisco’s case, owning mobile home parks where the tenants own the mobile homes. --24.152.xxx.xx




Taking tools out of truck (by S id [MO]) Posted on: May 17, 2024 2:08 PM
Message:

Why is it much easier to hire things out when one has a day job? --184.4.xx.xx




Taking tools out of truck (by NE [PA]) Posted on: May 17, 2024 4:36 PM
Message:

Because you’re not dependent on your rents with a $100,000 a year day job. You shouldn’t be anyway, speaking generally. If you quit that job, I could safely assume that you’d be working on your rentals before long. --24.152.xxx.xx




Taking tools out of truck (by ken [NY]) Posted on: May 17, 2024 5:06 PM
Message:

NE- keep in mind i dont do any of the work on my properties and i have never had a regular job.I think you dont mind doing the work so it is easier fr you to go do it, i do not like doing the work so it has become easier for me to find someone else to do it --74.77.xx.xx




Taking tools out of truck (by 6x6 [TN]) Posted on: May 17, 2024 5:30 PM
Message:

I think Ken just explained the situation well. It's probably more the like or dislike than anything. Although, I like being frugal as well. --76.129.xxx.xx




Taking tools out of truck (by Jason [VA]) Posted on: May 17, 2024 5:34 PM
Message:

I relate to most of everything that Sid posted --73.147.xxx.xx




Taking tools out of truck (by RB [TN]) Posted on: May 19, 2024 8:03 PM
Message:

Right on NE. Ya knocked it out of the park ! --69.130.xxx.xxx



Click Here to send this discussion to a friend
Report discussion to Webmaster


Reply:
Subject: RE: Taking tools out of truck
Your Name:
Your State:

Message:
Taking tools out of truck
Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers.
Email Address: