HELP! finance guy looking to get his hands dirty: how do you learn home improvement / renovating a property without going completely DIY?
so i’m potentially reaching to steady state in comp, 30-50hr work weeks in AM, single but with prospects that don’t come from money (so likely a household with 1 high earner with zero debt) and I’m interested in setting down roots / building something instead of paying $5k/month on a nice apartment or getting a fancy car. i’m completely done with going out / traveling etc. and feel like i’ve really used up my 20s and now i’m looking to build something outside of my career over the next 5-7 years before I start a family
i have no construction / home improvement skills currently (given i’ve dedicated my life at this point to sports/academics/career) so I have tons of weekend/holiday time every year to learn but not enough money to live a luxurious life or even enjoy an expensive hobby here in NYC
I’d like to learn how to renovate an apartment / home while handling a lot of these projects myself to save tons of money and buying a fixer-upper. i’m really good at identifying value but don’t have the resources to just pay a contractor to upgrade a place. what’s the best way to learn all this efficiently (without just buying tools and watching youtube.. i still have a 9-5) ideally over weekends/holidays/my vacation time? without being completely DIY?
i would love an apprenticeship of some sort or working with someone who does it for a living. and I’d like to take advantage of the new 5% down fannie mae down payment options and buy a multifamily duplex. could live in one apartment, rent out the other, renovate and sell it in 5-7 years then buy a real house for my new fam. any thoughts?
Hi scottsmithsonian check out bigger pockets meet ups. I think it would be a great place for you to get started and know other people in the area. People in these group are more entrepreneurial and dealing with renovations/projects all the time. I believe your finance background will be helpful for others as well. Check out the meet up in your area and go from there. I am sure you can get some sort of apprenticeship, better than that you can probably find a partner and co invest into a small project as a weekend project. I hope this helps.
Hey there, finance guy! It sounds like you're ready to roll up your sleeves and dive into the world of property renovation. I love your enthusiasm!
First off, I'd recommend getting a solid understanding of the construction process. This will help you understand what you're getting into and what kind of projects you might be able to handle yourself. You can learn a lot about this from the WSO content, especially the "Lunch & Learn -Ins and Outs of Construction" thread. It covers everything from acquiring land and dealing with municipalities to financing new development.
Next, consider learning some basic home improvement skills. You don't have to become a master carpenter overnight, but knowing how to do basic tasks like plumbing and carpentry can save you a lot of money. You can learn these skills in a variety of ways, from taking classes at a local community college to finding a mentor in the industry who can show you the ropes.
As for the idea of buying a fixer-upper, it's a great way to build equity and potentially make a profit when you sell. However, it's also a lot of work and can be quite stressful, especially if you're doing a lot of the work yourself. Make sure you're ready for the commitment before you dive in.
Finally, I'd recommend checking out the thread "Days of the development tycoon over?" on WSO. It has some great insights into the current state of the real estate industry and might give you some ideas for your own investment strategy.
Remember, the key to success in real estate is patience, persistence, and a willingness to learn. Good luck!
Sources: How can I learn about the inudstry as a complete beginner? (Possibly stupid question), Days of the development tycoon over?, Lunch & Learn -Ins and Outs of Construction
The best way to learn this stuff is to just do it. If you can find someone who will take you on as a 10 hour/week apprentice that would be amazing, but I doubt anyone out there, other than a friend or family member, would be willing to do that. One way to learn some hammer and nails skills is to volunteer for Habitat for Humanity or charities like that. You get real, hands on experience with building a home, typically on a Saturday morning with no investment from you except your time. Those can be hard to find sometimes though, so the next best way is to just do the renovations yourself but start small. Get a fixer-upper and start by just painting one room, or replacing the bathroom drywall, or something minimal. You'll still have to spend the money upfront on all the equipment, but look at it as an investment, once you've done a few smaller portions it should give you the confidence to complete the larger parts as well.
Some others have mentioned just doing it…
I would do the Habitat for humanity thing, or try to work for a contractor/manual labor job ~10 hours a week.
My other suggestion would be to take things apart, and just look at them. A toilet, for example, is surprisingly very easy to figure out if you take the back off and flush it a few times. Once you realize how it works, you can fix a running toilet.
Then start with extremely simple DIY projects at home. Installing a shower head, build a table, a picture frame, change your own oil, etc.
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