About this episode
This episode could make you $40,000. Seriously, one property management mistake cost our own expert investor, Dave Meyer, anywhere from $30,000 to $40,000, BUT it’s easier to avoid than you think. If you’re a rookie real estate investor, this single mistake could sink your portfolio and put you back years on your journey to financial freedom . So, what’s the mistake you must avoid, and how do you circumvent it to make more money while having less stress? It’s Real Estate Rookie episode 400, so let’s save you $40,000! Dave has been investing for over a decade, and he’s made his fair share of mistakes, but this one takes the cake. One simple property management judgment error sent his short-term rental trajectory off a cliff, with a filthy house, no bookings during the peak season, safety problems that left his property in jeopardy, and guests leaving less-than-flattering reviews. But this is a mistake anyone can make, so how do you avoid it? In today’s episode, we’ll get into the nitty-gritty of what cost Dave $30,000 - $40,000, the exact way he’d prevent this from ever happening again, what you should look for in a property manager BEFORE you hire them, and the contract clause that could kill your cash flow ! In This Episode We Cover The one property management mistake that could cost you up to $40,000 Property management fees and how to tell a company is a little too cheap Signs you need to fire your property manager before it’s too late The one short-term rental contract clause that could ruin your entire year How Dave’s house almost froze thanks to overlooking one BIG utility And So Much More! (00:00) Intro (03:12) Buying a Property ASAP! (06:57) Great Property, But… (12:23) One Big Mistake (16:05) Things Go Really Wrong (20:07) Losing A TON of Rent (22:48) Costly Lessons Learned (28:43) Get a REAL Property Manager Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-400 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