11 September 2024 | 9 replies
A couple ideas below:- Have tenants pay utilities if they don't already- Refinance into lower rate- Increase rents (or convert to mid term/short term rental or rent by the room)- Call the county tax assessor's office to ensure there was no mistake in the tax increase- Call your insurance broker to get you other quotes- Sell the property and 1031 into a better market that does not have those issues- Self manage if you currently have a property managerHope these help!
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20 September 2024 | 73 replies
I do this because I know all the varies things that can go wrong in my market, all the little laws and nuances that can make big dollar differences that Im aware of and take advantage of daily.....things like those exist in those other markets where I have limited real estate and legal knowledge.I'll use this as an easy example, as it is a mistake I see lay people and poorly trained agents in my market make all the time.
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11 September 2024 | 22 replies
That was a huge mistake…to say the least.
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12 September 2024 | 27 replies
I know this was my mistake for not getting them before sending the money he requested (he'd done a couple rehabs for me before and it wasn't an issue).
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11 September 2024 | 13 replies
I recommend you talk to an attorney to avoid making a legal mistake that permits them to stay longer.
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9 September 2024 | 3 replies
Marty,Avoid templates because they are specific to certain factors and by following someones BRRRR you open yourself up to mistakes.
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9 September 2024 | 5 replies
Our title company had completely missed this in their search—a critical mistake that blindsided us.
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9 September 2024 | 9 replies
@Joel RiveraRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
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12 September 2024 | 54 replies
And, there will be some "mistakes" on every list.
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13 September 2024 | 20 replies
(Btw, I found this to be a very common first time landlord mistake).