394: The Hidden Property Damage That Could Ruin Your Home Renovation…w/Jessica Bryant Walton

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 Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE 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 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices