I’ve tried it both ways, I’ve purchased a house with my own money, renovated the entire house with my own two hands, taught myself new skills and how to be an entrepreneur. I’ve also purchased a house entirely with investors money, hired professionals from contractors to realtors to take care of every last detail and got professional coaching to learn new skills and how to be an entrepreneur.
The difference with these two situations is that while it sounds like fun to do it yourself and seems like it would be cheaper to use your own two hands, it’s not. It took me over a year to flip that house with my own two hands and I had the money spent before I even got anything out of it.
During that same time, I started building up a team, getting professional help and started buying more properties. Once I started utilizing the power of other people I was able to do several more deals and be much more successful. All while I was still trying to finish up the mess I had started with my own hands.
On November 1st of this year I took possession of a property in Hamilton. Because of my team that property will be fully renovated and on the market on November 10th.
Without a team there would be no possible way for me to renovate an entire property this fast. Yes it’ll cost me lots of money to have people running around every day to get things done, but there’s always one question to be asked;
Would you rather have a whole grape or half a watermelon?
The faster I can move money the more I can make. I’m choosing between working my ass off by myself for a single grape or working with a team for possibly several slices of watermelon in the same period of time.
If you want to be stubborn and claim that being a do-it-yourselfer will save you money, I hope you have fun and I hope you don’t get too upset when it takes an excessive amount of time and turns out bad.
Build a team and dominate.