It felt like I was preparing for the first day of school. Do you remember getting excited about shopping for school supplies? I would map out everything I needed, and I would carefully plan out how to best organize them to prepare for a whole new year of challenges.
I re-experienced this excitement after closing on our first house/investment property. The first thing I did was run to the store with a list of tools and supplies that I was sure that I would need. I went home, unpacked them, and organized them perfectly.
I was ready to rehab.
Upon reflection, I could have been smarter. Some of the things I bought were surprisingly useful, like our step stool. I never anticipated using it as much as I do. Other items were just a plain waste of money. So, what tools do you need to begin the path of real estate investing? This post should help.
- Cordless drill, socket/bit set
- Wonder bar
- Crescent wrench
- Ladder
- Utility knife
- Channel locks
- Putty knife: one wide, one narrow
- Wire Strippers
- Electrical tester
- Dolly
- Step stool
- Tool box/bucket
- Extension cord
Of course, this list is assuming that you have already purchased the bare necessities while you were searching for the perfect property.
There are quite a few other tools that I purchased during my rehab, but I’m not sure how soon every beginner will need them: drain wrench, basin wrench, and dremel tool. When I asked Kevin whether or not this list was exhaustive; he said that his reciprocating saw has been his best investment.
I can say, with complete confidence, that any expensive tools that you can borrow is money well saved. The costs of these items add up quick, and so do your materials.
Are you an experienced investor?
If so, which item has been most valuable to you?
Have I left anything off?
