The temptation is there.
We see it all the time.
Your Tenant vacates your rental home and your Property Manager provides bids for the turnover work.
You review the bid and that nagging voice in your head takes over… “This bid seems too high. I JUST KNOW I could do the work for less money.”
And so, you do.
Some of you may live close to your property, have contractors at your disposal and have time to invest in managing the work.
But, most of you live hundreds of miles away, don’t know any contractors and really don’t have the time to devote to herding those contractors.
You still do it though, because you think you can save money.
In some cases, maybe you can.
But, in a significant number of cases - cases that we’ll provide in this blog - you’ll end up losing money in the long run.
We’ve said it over and over… vacancy is a cash flow killer.
Vacancy comes with zero income and a lot of expenses.
Sure, some of those expenses relate to the actual material and labor required to prepare the property for the next Tenants, but the biggest “expense” is the lost revenue from rents.
So, the faster the property is turned, the faster your new Tenant can begin adding to your income.
Time, clearly, is off the essence.
Below are some real-life examples of properties within our management and Owners who chose to do their own work.
Special thanks to our Senior Property Manager, Don Castelluccio, for providing these case studies.