Real Estate Investor Pitfalls part I

Finding Good Help...

Whether you have a fixer you are getting ready for resale or a rental you are holding on to long term you are going to need to deal with repairmen and/or contractors.

Finding a dependable handyman that can do most repair work without costing you a fortune is crucial, but not easy to find. Don't go straight to the yellow pages and call the big ads. They generally have high overhead and will cost you too much for your repairs.

A good place to look for affordable in your local newspaper to under the services guide and test a handyman out on a small project before scheduling a large job.

If they work well and get the job done on time and within your budget then you have found yourself a winner but how do you know what you can afford to pay for an investment property.

Also ask around between your friends colleagues and family. Many times someone you know may know someone that does great work, but doesn't advertise his service.

Make sure they understand that you are most interested in getting a realistic time frame for your projects and that you fully expect the project to be completed within the quoted time frame.

Holding costs are your biggest enemy in the real estate game. The quicker you can get work done, the lower your overhead and the larger your profits.