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Thinking of investing in property, but hopeless at DIY!! Please advice
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.
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.
Originally Posted by 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
You can learn a lot from watching DIY tips on youtube.
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usually just enough to be dangerous
Mostly it's cleaning.
Toilets, rubbish, ovens, etc...
Share investing starting to look good yet??
The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.
you could ask the people who lost everything in the finance company shares
Originally Posted by PC
Well, that's a total of 3 companies
Originally Posted by jimO
If you buy new or near-new, R&M will be minimal anyway.
Originally Posted by geek84
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.
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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