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  1. #1

    Default Thinking of investing in property, but hopeless at DIY!! Please advice

    Hi Folks

    I am thinking of investing in a property by letting it out. However, I am hopeless at DIY. e.g. repairs & maintenance. Do you advice I go ahead with this plan and get a management agent involved? If so, the fees would be high (won't they?), and so would it be worth investing?

    The only reason why I am thinking of this way of investing is because as you know, interest rates for savings are quite low at the moment.

    Please advice.

  2. #2
    Join Date
    Jan 2005
    Location
    Turkey
    Posts
    1,699

    Default

    Welcome to PT.
    Being a non-DIY person does not exclude you from property investment - just ask Bluekiwi
    It just means your strategy needs to take this into account (e.g buying new or near new houses, or outsourcing all repairs and maintenance etc)
    A property manager would normally be used for the day-to-day running of a property if you didn't wish to deal directly with tenants or chose to spend your time differently. It doesn't have so much to do with the DIY/non-DIY question.

  3. #3

    Default

    Quote Originally Posted by revdev View Post
    Welcome to PT.
    Being a non-DIY person does not exclude you from property investment - just ask Bluekiwi
    It just means your strategy needs to take this into account (e.g buying new or near new houses, or outsourcing all repairs and maintenance etc)
    A property manager would normally be used for the day-to-day running of a property if you didn't wish to deal directly with tenants or chose to spend your time differently. It doesn't have so much to do with the DIY/non-DIY question.
    Hi revdev

    Many thanks for your reply. However, outsourcing all repairs would take a large chunk of my rental income. Don't you think that would be the case? And if so, would it worth my while going into this business?

    By the way, who is Bluekiwi and how do I get in touch with him/her?

    Thanks in advance

  4. #4
    Join Date
    Jul 2010
    Location
    Auckland City, why invest else where?
    Posts
    989

    Default

    You can learn a lot from watching DIY tips on youtube.
    Novice Investor Turning Pro
    If you would like a Super Property Coach to super charge your property investment, call my coach Ron Hoy Fong 021 888 298 today!

  5. #5
    Join Date
    Sep 2011
    Location
    Dunedin
    Posts
    799

    Default

    usually just enough to be dangerous

  6. #6
    Join Date
    Apr 2004
    Location
    Auckland
    Posts
    1,355

    Default

    Mostly it's cleaning.
    Toilets, rubbish, ovens, etc...

    Share investing starting to look good yet??
    Ask Ask again Ask again And so on, until you become a genuine pain in the ask!

  7. #7
    Join Date
    Sep 2011
    Location
    Dunedin
    Posts
    799

    Default

    Quote Originally Posted by PC View Post

    Share investing starting to look good yet??
    you could ask the people who lost everything in the finance company shares

  8. #8

    Default

    Quote Originally Posted by jimO View Post
    you could ask the people who lost everything in the finance company shares
    Well, that's a total of 3 companies

  9. #9
    Join Date
    Jan 2005
    Location
    Turkey
    Posts
    1,699

    Default

    Quote Originally Posted by geek84 View Post
    Hi revdev

    Many thanks for your reply. However, outsourcing all repairs would take a large chunk of my rental income. Don't you think that would be the case? And if so, would it worth my while going into this business?

    By the way, who is Bluekiwi and how do I get in touch with him/her?

    Thanks in advance
    If you buy new or near-new, R&M will be minimal anyway.
    Of course it's worthwhile, you just have to want to do it and have the correct strategies in place.
    If you outsource R&M, you just have to make sure you buy very well in the first place, so some margin remains.
    No-one said it would be easy - apart from the masses who think being a LL is easy street and journo's who like to sell their stories.

  10. #10

    Default

    I've always thought that property management services are quite expensive, I suppose you have to think how much work you're willing to put in. Even if you were a DIY expert there will still be a lot of time and energy expended on your part.

    That being said, you could just use services for the bigger jobs and do the more manual stuff yourself - like cleaning and fixing basic problems. I think RevDev hit the nail on the head when he siad it won't be easy, you have to decide how involved you want to be regardless of your DIY ability.


 

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