Added home renovation costs can ruin your plans to own the perfect rental property. When this happens, how do you come up with the extra funds? More importantly, how do you prevent this from happening altogether? We’ve got plenty of answers for you in today’s episode!
Welcome back to the Real Estate Rookie podcast! Jessica Bryant Walton owns several doors in Anchorage, Alaska. As you’re about to find out, investing where winters are long, water damage is common, and frozen pipes are everyday occurrences isn’t for the faint of heart. Jessica and her husband had just bought a duplex, only to find out that the previous owner had disguised a MAJOR leak and extensive damage with a second roof. What they anticipated would be a $40,000 rehab ended up costing over $130,000!
Fortunately, Jessica and her husband came up with creative ways to fund their renovations, increase rents, and lower their overhead by self-managing the property. But there are valuable lessons to take away from their experience. You’ll learn why you should consider getting your real estate license, how to find the best contractors for your rehab projects, and the importance of always keeping a paper trail!
In This Episode We Cover:
How Jessica’s $40K renovation turned into a $130K+ “nightmare” rehab
Self-management tips for long-term and short-term rentals
The BEST way to source contractors for your renovation projects
Why you shouldn’t speak with your tenants over the phone
What you need to know before investing in an Alaska rental market
Why you should get your real estate license (even if you don’t plan to use it!)
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Rookie Podcast 277 - Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property
Rookie Podcast 313 - The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong
The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins
Connect with Jessica:
Jessica's BiggerPockets Profile
Jessica's Instagram
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-394
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
157: The 4 Keys to Perfect Property Management & Live in Flipping as an Army Man w/ Adam Widder
156: Rookie Reply: What’s The BEST Vacation Rental Loan?
155: Progress Over Perfection: Building Wealth w/o Any "Home Run" Properties w/ Ali Garced
154: Rookie Reply: Is Investing with Family Members a Mistake?
153: 20 Deals in a Year as a Professional Basketball Player w/ Terry Harris
152: Rookie Reply: How to Fund Real Estate Deals (and Scale Bigger!)
151: 28 Units as a Full-Time Surgeon and Escaping the “Golden Handcuffs” w/ Daniel Shin
150: Rookie Reply: Which Rent Numbers Can You Trust When Analyzing a Deal?
149: 55-Unit "Mobile Home Queen" and The Nightmare 17-Month Rehab w/Emily Fackler
148: Rookie Reply: Should You Buy a Rental Before Buying Your Primary?
147: 13 Flips as a Full-Time Flight Mechanic and Part-Time Lender w/ Anthony Michael
146: Rookie Reply: How Tony Robinson Lost His Job (and Found His Freedom)
145: Leaving the 9-5 Office Life to Start a Mother-Daughter Flipping Business
144: Rookie Reply: 6 Short-Term Rental Tips from Tony J. Robinson
143: High Salary? No Thanks, I'd Rather Be Wholesaling w/Aaron Latal
142: Rookie Reply: Do You Have to Put 20% Down on an Investment Property?
141: 3 Biggest Real Estate Lessons We Learned in 2021 w/Ashley Kehr and Tony Robinson
140: Rookie Reply: Seller Financing 101
139: The Best Tax Benefits of Rental Property Ownership w/ CPA Ana Klein
138: Rookie Reply: How Do I Find Rental Comps for My Property?
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
BiggerPockets Real Estate Podcast
BiggerPockets Money Podcast
BiggerPockets Business Podcast
BiggerPockets Daily
The InvestHER Podcast