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!
In This Episode We Cover:
How Dan survived $47K in water damage and a 1,000-day rehab (on two different projects!)
The REAL cost of placing a bad tenant in your rental property
How to improve your tenant screening process (and red flags to watch out for!)
The BEST way to build out a scope of work for your next rehab project
Why you shouldn’t hire the “cheap” contractor for your home renovation project
Why documentation is key when dealing with tenant and contractor issues
And So Much More!
Links from the Show
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The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong
Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property
How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability
Connect with Dan
Dan's BiggerPockets Profile
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Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-382
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