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For your consideration: Real Estate Profits And Losses: Top 5 Times To Hire It Out! Scenario 36.

Lots of people ask us about this . . .

When you’re running properties and such, you KNOW that independent contractors have a knack for stripping you of your cash like a pick pocket on the subway. Lots of landlords do their own work, and they’re proud of it!

We tend to do as much of our own work as possible. There are times, however, when you simply need to hire your work out. Here’s the top five:

1. When you’re injured: This one is an easy one, but it’s tough to own up to sometimes. We know of a landlord that insisted on doing his own roofing work himself so much that he wound up hospitalized from sun stroke. When he was in the hospital, he told the nurse, “How about I go finish up a couple more squares, and then I’ll come back!?
2. When you’re out of your depth: This one seems easy. Some people buy property, and they don’t even know how to change out a light switch! Paying an electrician 80 and hour to do this kind of work is a total waste of money. Replacing knob and tube wiring when you don’t know how to change a light bulb . . . Well, you better call and electrician.
3. When you’re short on time: This sort of thing is a common problem. You budget 9 weeks for a project and at week 7 you realize that you’re going to need another 9 weeks! Hiring that contractor can get you where you need to be in the time you need. It’s a tough nut to swallow, but hey, $hit happens.
4. When two is better than one: Sometimes, the work you need done takes two people. There’s just no way around it. You NEED a separate pair of hands. Gotta hire ‘em.
5. When the law requires it: Believe it or not, some areas of the country forbid you from doing your own work—depending on what work it is. Depending on the profile of the job, The Money Kings definitely don’t recommend trying to slide by the authorities when it comes to municipal codes, etc. Remember when that porch in Chicago collapsed and all those college kids got hurt and killed? The city required owners to replace porches with licensed contractors. A boom for contractors, for sure . . . But the city wasn’t playing around with this issue. Sometimes, you shouldn’t either.

Good luck out there.

Keywords: landlord, repair, contractor, money, hire, help, work