The Importance of a Strong Financial Foundation in Real Estate Investing

This chapter emphasizes the significance of saving money, having a strong work ethic, and building a solid financial foundation for successful real estate investing. The speaker expresses gratitude to Mindy for sharing her deals and invites listeners to connect with the host and guests.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

Real estate investing can make you rich or ruin you financially…if you’re not taking the proper precautions. Today, you’ll see just how easy it is to lose money on a bad real estate deal and how even the top investors, those with decades of experience, still can end up in a rough situation through no fault of their own. And while both the investors featured in this two-part series have made millions in real estate, they’ve also had a couple of deals gone wrong that have cost them hundreds of thousands.

In this episode, we’re talking to Mindy Jensen, host of the BiggerPockets Money podcast, about, as she calls it, “the house that almost broke me.” This property alone lost Mindy over a quarter of a million dollars, as she had to deal with crooked contractors, a once-in-a-lifetime flood, theft, and more. If you want to ensure you NEVER repeat the same mistakes as Mindy, listen to this ENTIRE episode before buying your next house.

And next time, we’ll be on with James Dainard, expert flipper and co-host of On the Market, to talk about his house flip that makes Mindy’s look like a walk in the park!

In This Episode We Cover:

How Mindy lost over $300,000 on ONE real estate investment

The one “waiver” you MUST get signed before you hire a contractor

DIY vs. hiring it out on home renovations and why Mindy does almost all her own work

The “five-hundred-year flood” and the WRONG time to replace a roof

Why you must have emergency reserves before you invest in ANY property

And So Much More!

Links from the Show

Find an Agent

Find a Lender

BiggerPockets Youtube Channel

BiggerPockets Forums