This renovation mistake cost over $10,000 in extra repairs
Good Money Monday morning BP,
Looks like we're going to miss Hurricane Irma thank God, but let's hope we get through this season without having any others show up. A storm like that is a real estate investor's nightmare because most of our properties simply don't have flood insurance. I want to share with you another nightmare that I had the privilege of fixing. An investor called me a few weeks ago and asked me to look at a house he recently finished renovating. He was the person financing the project, but the person in charge of the repairs made some serious mistakes on the renovation and it's going to be very costly.
If you're going to be in this business, I highly recommend to spend the money, when it comes to hiring good contractors. Don't try to cut corners on repairs because it's going to come back to bite you, just like it did here.
My goal is to be like the real estate investor's street reporter and show you mistakes from other people so you don't have to make them. All this investor had to do was merely spend a few extra dollars to do the job right the 1st time. But instead, they covered up tons of old electrical work so we had to go in, bust open the walls, and rip out the electrical wiring to do a complete new rewire. Watch, study, learn, apply. God bless.
ps- If you'd like 2 free months of our Real Estate Investing Newsletter delivered directly to your home, simply reply with your mailing address.
ppss- Let me know if you need any assistance with your deals including structuring or financing, please let me know.
Coming soon, 9-18-17
An interview with one of Washington DC's premier real estate investors, James Griffin. He's been in the real estate business over 40 years. I love learning from our elders, because they've been down the road already and he has so much to share about mindset, attitude, finance, construction and most importantly longevity... I'll talk to you soon.
Kris Haskins
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