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In This Video:

00:17 I can do it cheaper myself
00:53 The cons of managing your own rental property
02:20 Hire the experts!

Good day, Damien here again. This week’s video is about the things you were taught wrong in school. All the things taught wrong about money. And today’s theme is actually: “I can do it cheaper myself”.

I can do it cheaper myself

This is one of these rules that say “it’s cheaper when you do it yourself”. Wrong! Let’s talk about why.
First example: Rental Management. A lot of people try to manage their own property. I have managed my own property in the past. But only in one occasion, when I had a fantastic tenant, who used to be in the army. I knew him well. I knew his boss well. And he pays his money directly. And you know it’s really lot fast. But generally speaking, if you’re renting out to anyone never manage it yourself. It’s a totally false economy.

The cons of managing your own rental property

First of all, it’s going to consume hours and hours of your time. Your time is valuable. Your spare time could be used to earn money somewhere else. You could do overtime at work. And you’re getting double time pay. Instead, you’re going to go and do another task that you are not necessarily skilled and qualified for. And try and save money, it doesn’t work that way.

What ends up happening, is that you end up establishing your relationship with your tenant. Your tenant then falls on hard times. And then they’ll say “Oh, come on, I’m in trouble. Can you give me a couple week’s rent?” Next you know, they pulling on your heart strings. And next thing you know their weeks and weeks behind. And you thought you save some money by managing yourself, but now, you’ve lost money. Don’t try and do things yourself. Unless, you’re professionally qualified to do them.

Another example is maintenance on your properties. I don’t know how many clients I’ve been spoken to, and I ask them all the time, do you find yourself going into fix up, DIY budget jobs? And they said “Yes, all the time.” And they charged more too, because it’s harder when someone has done something, and then, they’ve done it the wrong way. And they’re going to rip it all out. And do it all again from scratch. It’s a false economy.

Hire the experts!

Hire the experts. And get them to help you. Think about what you do. Maybe you’re a dentist, and then I’ll say “well I don’t need a dentist. I’ll just pull my teeth out on my own.” You’d laugh at me, right? And whatever it is that you do, if I said to you that “I can do it on my own”, you would laugh at me, because it’s ridiculous. Well then, why would you say it to someone else when you try to manage your properties yourself, manage maintenance yourself? Can you see the ridiculous nature of it? Get the experts. And they’ll do it in a quarter of time that you do it and they’ll do it right every time. And you’ll end up in front financially. Don’t try and do things yourself. It’s a false economy.

That’s it for me today. If you like this, please like the post below, comment. You have any questions, write them on there too. And if you think your friends could benefit from this knowledge, please share. Share the gift of knowledge. People are out there, they’re struggling financially. They need to get ahead. Numbers of people are born to low income families. And that’s where they’re going to stay. Unless they get that sort of education that they didn’t get in school.

That’s it for me, ‘til next time.

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