QUOTE (invst4profit @ Apr 6 2009, 10:02 AM)
Although time is valuable I highly recommend that every investor starting out in this business do all there own maintenance. To me this is as important as learning any other part of running this business and in the beginning will assist in achieving positive cash flow. Those starting with a single duplex, 4 plex etc. should have plenty of free time to learn.
The learning experience is invaluable when it comes to determining necessary repairs and hiring contractors.
In my opinion it is impossible to negotiate the best contract or determine quality work and pricing when you have no idea what you or the contractor is talking about.
I have experienced to many disreputable contractors that take advantage of ignorant customers by adding and charging for unnecessary work.
When you know what you are doing you may then hire a reputable handy man and have confidence in your choice.
The hard cover do it all manuals are good, and you should have one, but every detail of every repair is available on the net.
A plumber will charge $200 to drive to the site. A 5$ toilet flapper can be replaced by any homeowner.
I agree Greg, It is so important to understand every aspect of the business.
When you want to become a bank manager, you have to start as a teller, work in loans, insurance, marketing....etc......etc. The reason is so that when issues arise, you will know how to deal with them. When you want to become the GM of a hotel you have to learn the front desk, housekeeping, concierge, sales, marketing, maintenance, serving, banquet porting etc. How is RE different?
Many community colleges offer the type of courses you are speaking of. I believe that colleges will increase these types of courses in the next year due to the number of people wanting to renovate their homes versus buying new homes. The demand will be there, so keep your eyes open.