Lesson learned the hard way, any stories you’d like to share?

[Cory Lucas]

Well bummer, lesson learned on my first BRRRR property in a somewhat hard way.

Long story short, I had to get some tree issues taken care of at the property and I only called one person as the next-door neighbor absolutely raved about them and said she had received seven bids for a tree on her property and he was the best one! Well, my experience with him wasn’t quite the same. I called him one time, the rest of the conversation was through text messaging, he was slow to respond at some points, and never even came out and looked at the job. Quoted me a price over the phone and then the job was not quite done to what I thought was going to be done. Essentially I should’ve forced him to come out and speak with me in person, because now I feel like I’ve paid way more than for what was done. I feel I only overpaid by maybe $400 to $500, but still. So without getting into a ton of detail, going forward unless it’s something I can absolutely be sure of that does not need to be done in person, I will make sure to get someone to the job site so we can speak about things in person.

What lesson learned experiences do you all have that you would like to share that would definitely be helpful for someone more or less starting out? Thanks in advance

[Karl B.]

On my first multi-family deal I didn't walk the property prior to the closing and when I got the keys to the property after closing I realized a few things weren't done the seller had agreed to do that were listed in the final contract.

A few things weren't done: windows were supposed to be caulked, the front hand rail was supposed to be secured so it didn't wobble, the two vacant rentals were not broom ready and were a gross mess, etc.

I was ignorant to the fact that I needed to verify repairs were completed properly prior to closing. I thought my RE attorney would tell me these things and I learned the hard way.

I called my RE attorney and he told me since the closing had already occurred I was pretty much out of luck.

He said I could attempt to sue the seller but I likely wouldn't win.

I took it as an important lesson learned and now I ALWAYS view a property a few days prior to closing to make certain all work has been correctly completed. I didn't use that RE attorney again and took it as a lesson learned.