This episode could make you $40,000. Seriously, one property management mistake cost our own expert investor, Dave Meyer, anywhere from $30,000 to $40,000, BUT it’s easier to avoid than you think. If you’re a rookie real estate investor, this single mistake could sink your portfolio and put you back years on your journey to financial freedom. So, what’s the mistake you must avoid, and how do you circumvent it to make more money while having less stress? It’s Real Estate Rookie episode 400, so let’s save you $40,000!
Dave has been investing for over a decade, and he’s made his fair share of mistakes, but this one takes the cake. One simple property management judgment error sent his short-term rental trajectory off a cliff, with a filthy house, no bookings during the peak season, safety problems that left his property in jeopardy, and guests leaving less-than-flattering reviews. But this is a mistake anyone can make, so how do you avoid it?
In today’s episode, we’ll get into the nitty-gritty of what cost Dave $30,000 - $40,000, the exact way he’d prevent this from ever happening again, what you should look for in a property manager BEFORE you hire them, and the contract clause that could kill your cash flow!
In This Episode We Cover
The one property management mistake that could cost you up to $40,000
Property management fees and how to tell a company is a little too cheap
Signs you need to fire your property manager before it’s too late
The one short-term rental contract clause that could ruin your entire year
How Dave’s house almost froze thanks to overlooking one BIG utility
And So Much More!
(00:00) Intro
(03:12) Buying a Property ASAP!
(06:57) Great Property, But…
(12:23) One Big Mistake
(16:05) Things Go Really Wrong
(20:07) Losing A TON of Rent
(22:48) Costly Lessons Learned
(28:43) Get a REAL Property Manager
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-400
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