Ready to build your real estate empire… but not sure where to begin? Think of us as your personal trainer. From detailed breakdowns of real-world deals… to one-on-one coaching sessions and a warm, welcoming community… hosts Ashley Kehr and Tony J Robinson bring on a wide range of guests to tackle the “newbie” questions you've wondered about but might be afraid to ask. Looking to 10X your real estate investing business this year? This show isn’t for you. Looking for your first, second, or third deal -- or envisioning a more modest portfolio? Step right up. Every Monday, Wednesday and Friday, we’ll arm you with the tips, tools, and roadmaps you'll need as you embark on your journey toward financial freedom.
https://www.biggerpockets.com/podcasts/real-estate-rookie
episode 400: Rookie Investor? Never Make This $40,000 Mistake w/Dave Meyer
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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