Want a successful, cash-flowing rental property? Make sure you don’t overlook the tenant screening process or hire the “cheap” contractor. Otherwise, you could be dealing with floods, evictions, project delays, and other issues. Fortunately, today’s guest has already dealt with these headaches so that YOU don’t have to!
Welcome back to the Real Estate Rookie podcast! Investor Dan Stowell has endured not one but TWO horror stories during his real estate journey. As you’re going to learn today, the consequences of placing a bad tenant or hiring the wrong contractor can be severe. After a tenant caused $47,000 in water damage (and didn’t have renters insurance!) and a renovation on his primary residence turned into a 1,000-day rehab, Dan had every reason to give up on real estate investing. Instead, he tackled each challenge and used these expensive lessons to make him an even better investor!
In this episode, Dan offers several tips that will prepare you for anything that could be thrown your way. You’ll learn how to screen a tenant, how to avoid bad contractors, and, most importantly, how to react when things go south. Stay tuned until the very end to find out what became of Dan’s problematic properties!
Ashley (00:00):
This is Real Estate rookie episode 382. Today’s guest has not won, but two different horror stories that we’re going to cover. They range from $50,000 worth of water damage and a remodel that took over a thousand days. So you don’t want to miss some of the lessons learned from this one. I’m Ashley Care and I am your host of the Real Estate Rookie Horror Show today, where every week, three times per week, we are bringing you the inspiration, motivation and hair raising stories like today that you may need to learn to be successful. I’m here with Daniel Stoll, an investor out of DC that has been investing for four years. We are going to cover a nightmare remodel and things you need to know when using flipper contractors on…