5 ms·

How viable is this if you're not a handyman? I've always thought something similar to what you're referring, but avoid it because I don't deal with anything con

How viable is this if you're not a handyman? I've always thought something similar to what you're referring, but avoid it because I don't deal with anything construction related.

jfaucett 9y ago
Not at all. I've done this with my family, friends have done this, and it is definitely not for everyone - especially if you dont like doing all the repairs and renovations yourself all the time. I hated it, and sure after 10-20 years you are sure to succeed, and those who do this do well, but for me it is not worth it. I'd rather spend my free time doing just about anything except having to deal with all the headaches you have as a landlord and handyman.
deleted 9y ago
[deleted]
tabeth 9y ago
It's viable. Just make sure you get an inspection prior to buying the house (usually $1000 and under for this) to avoid getting a money-pit. Save a chunk, say 25%, of rental income and just hire people to resolve minor problems. Again, if you decide to do this get an inspection. You will be screwed if you buy something with structural, plumbing, electrical or foundation problems (which are technically structural, but I put in its own category since it's that bad). --- That being said, you're definitely going to want to learn how to do some basic stuff like drywall, change outlets, tighten pipes, etc.
DamnYuppie 9y ago
If the house is in reasonable shape when you buy it you don't have to be very handy at all. If you take preventative care, like checking the roof, cleaning out gutters, basic inspections monthly, you really shouldn't have any large expenses. Also there is a literal legion of professionals who can fix any issue you will encounter. The above advice doesn't apply if you are buying a distressed property that will require significant upgrades and repairs.

5 ms·

How viable is this if you're not a handyman? I've always thought something similar to what you're referring, but avoid it because I don't deal with anything con

by notheguyouthink 9y ago

How viable is this if you're not a handyman? I've always thought something similar to what you're referring, but avoid it because I don't deal with anything construction related.

jfaucett 9y ago
Not at all. I've done this with my family, friends have done this, and it is definitely not for everyone - especially if you dont like doing all the repairs and renovations yourself all the time. I hated it, and sure after 10-20 years you are sure to succeed, and those who do this do well, but for me it is not worth it. I'd rather spend my free time doing just about anything except having to deal with all the headaches you have as a landlord and handyman.
deleted 9y ago
[deleted]
tabeth 9y ago
It's viable. Just make sure you get an inspection prior to buying the house (usually $1000 and under for this) to avoid getting a money-pit. Save a chunk, say 25%, of rental income and just hire people to resolve minor problems. Again, if you decide to do this get an inspection. You will be screwed if you buy something with structural, plumbing, electrical or foundation problems (which are technically structural, but I put in its own category since it's that bad). --- That being said, you're definitely going to want to learn how to do some basic stuff like drywall, change outlets, tighten pipes, etc.
DamnYuppie 9y ago
If the house is in reasonable shape when you buy it you don't have to be very handy at all. If you take preventative care, like checking the roof, cleaning out gutters, basic inspections monthly, you really shouldn't have any large expenses. Also there is a literal legion of professionals who can fix any issue you will encounter. The above advice doesn't apply if you are buying a distressed property that will require significant upgrades and repairs.