400: Rookie Investor? Never Make This $40,000 Mistake w/Dave Meyer

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 1 May 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 400
0:05.0	But could you stomach losing 40K?
0:08.0	How long should you go before you fire your property manager?
0:12.0	My name is Ashley Kerr and I'm here with Tony J Robinson.
0:16.1	And welcome to the Real Estate Rookie podcast where every week three times a week
0:20.6	we bring you the inspiration, motivation, and stories you need to hear to
0:24.7	kick start your investing journey.
0:26.4	Now before we talk about today's guests, I think, gosh, we just got to reflect and appreciate
0:29.6	the fact that we've gone through 400 freaking episodes.
0:32.6	I know that's a lot of weight.
0:35.2	We made it.
0:35.9	We did it.
0:36.8	400.
0:37.4	A big stack, 400 episodes.
0:39.7	Now, Ash, we've been so fortunate because the rookie podcast has touched so many lives and we've been able to talk to a lot of rookies at BPCon or meetups, whatever we're doing where they're like, thank you guys so much for everything that you've done, but I think we always try to remind people that
0:53.3	you know and absolutely we try and do our best provide value but the true value of the
0:58.6	show comes from our guests and them sharing their stories and sharing their
1:02.1	experiences and from our rookie
1:03.8	audience continuing to support the show. So I think from Ash and I both just want to
1:07.8	give a big heartfelt thank you to all of our Ricky's for supporting the show.
1:12.4	100% and not Thank you to all of our rookies for supporting the show.
1:13.0	100% and not only our guests in the rookie community, but being the rookie community
	...

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