Got an investing story? I’d love to hear it!

[Collin Milone]

I’d love to hear about one of your investments from start to finish in 30 minutes. 

YOU are the interviewee :) My name is Collin Milone and I'm a novice investor. I've spent the past four months reading about the basics of real estate investing, particularly the BRRRR strategy. One thing I've learned is the importance of listening. The BP podcast is great, but I don't want to hear about another "0 to 100" epic tale; instead, I'd love to hear how you added one property to your portfolio. If this sounds like something you'd be willing to do, please let me know!

[Crystal Smith]

Originally posted by @Collin Milone:

I’d love to hear about one of your investments from start to finish in 30 minutes. 

YOU are the interviewee :) My name is Collin Milone and I'm a novice investor. I've spent the past four months reading about the basics of real estate investing, particularly the BRRRR strategy. One thing I've learned is the importance of listening. The BP podcast is great, but I don't want to hear about another "0 to 100" epic tale; instead, I'd love to hear how you added one property to your portfolio. If this sounds like something you'd be willing to do, please let me know!

A story we're experiencing now on a flip.  Backstory- Another investor could not finish the flip so we picked up the property for a good price. It's one of those properties that GCs hate going behind someone else's work. But the price was right and so....... On the surface, the property looks almost perfect and ready to sell. Behind the walls & under the house, however, there are problems. 

Problem 1- Fake air returns- It looks like something connected to the HVAC system but it's not. It's fake. 

Problem 2- Had to replace Brand New HVAC system with another one- Why? Incorrectly sized system. What's the impact of an incorrectly sized system- Temperature in the home never went above 65 on that cold 4 degrees Chicago days

Problem 3- Didn't insulate outside plumbing walls. Naturally, pipes burst on a 2-degree day, which was also compounded by the wrong size HVAC

Problem 4- This really isn't a problem but it reflects some of the BS that gives some contractors a bad name. We have to redo the outside porch. During the demo, our GC found the equivalent of 20 large trash bags of roofing material hidden under a section of the porch that was enclosed. Why was it there? The previous contractor replaced the roof but never took the old shingles and materials to the dump. He just hid it under the porch then closed the porch up.

All of this is the stuff that doesn't impact how the home looks from the interior or exterior but if you don't fix it your day will be ruined when you try and sell the place. Even w/ the problems the price point was right and so will the profits when sold.  Is that enough of a story for you.