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
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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
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59: Rookie First-Time Home Buyer Questions Answered by Scott and Mindy
58: Rookie Reply: Doing The Work Yourself vs. Hiring Out
57: Virtual Assistants, Roach Infestations, and Turnkey Companies with Maria Acosta
56: Rookie Reply: Tips on Owner Financing Then Refinancing Out
55: Combining House Hacking and Live in Flips with Tyler Madden
54: Rookie Reply: The BEST Apps for Real Estate Investors
53: Turning 9-to-5 Burnout into 24 Doors (in a Year and a Half!) with Kristie LeSage
52: Rookie Reply: My Debt-To-Income is Too High to Get Another Property, How Do I Keep Up the Momentum?
51: 18 Deals in 2 Years AND a Full Time Job with Kevin Christensen
50: Rookie Reply: I Have Analysis Paralysis, What Should I Do?
49: Targeting New Builds to Get Around the W-2 Requirements for House Hacking with Andres Bustamante
48: 4 Ways Newbies Can Finance Deals with Richard Kelly
47: 0 to 7 Deals in a Year Using Other People's Money with Andres Bernal
46: How an “I Don’t Want to Invest” Couple Became Successful Long-Distance Landlords with Annie and Trey Johnson
45: On-Air 2021 Goal-Setting and Accountability Plans with Rookie Investors Beth Henson, Jackson Seedott, and Jordan Crockett
44: The Top 10 Real Estate Rookie Questions Answered by Tony and Ashley
43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith
42: Bed and Breakfast House Hacking with Lauren Keen Aumond
41: Using Hard Money & BRRRR to Go From 2 to 80 Units with Kyle Mack
40: Using the “AREA” System to Buy 21 Houses in Just a Few Years with Anam and Aamir
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