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 home 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!
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Join BiggerPockets for FREE 👇
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Join the Real Estate Rookie Facebook Group:
https://www.facebook.com/groups/realestaterookie
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Find an Investor-Friendly Agent in Your Area:
http://biggerpockets.com/agentmatch
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Find Investor-Friendly Lenders:
http://biggerpockets.com/findlenders
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The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong:
https://www.biggerpockets.com/blog/rookie-313?utm_source=youtube&utm_medium=description&utm_campaign=none
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Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property:
https://www.biggerpockets.com/blog/rookie-277?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability:
https://www.biggerpockets.com/blog/rookie-307?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Dan:
BiggerPockets: https://www.biggerpockets.com/users/daniels804?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @fireby2032 or https://www.instagram.com/fireby2032/
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Connect with Ashley:
BiggerPockers: https://www.biggerpockets.com/users/echopm?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @wealthfromrentals or https://www.instagram.com/wealthfromrentals/
Show notes at: https://link.chtbl.com/Rookie
00:00 Intro
01:23 Tenant Screening 101
06:16 Tenant Red Flags
09:59 $47K in Water Damage?!
14:43 Evicting a Bad Tenant
20:06 Buying His Primary Residence
25:31 The 1,000-Day Rehab
30:56 Pay for the Better Contractor!
35:32 Connect with Dan!
