He Bought A Home Run Rental Property (It Turned Out To Be A Disaster) With Mike O'Connor (Ep 465)
Rental Income Podcast With Dan Lane
Rental Income Podcast
4.8 • 836 Ratings
🗓️ 16 April 2024
⏱️ 23 minutes
🧾️ Download transcript
Summary
Mike ran into problem after problem. The maintenance costs were higher than he projected, tenants were constantly turning over, and he wasn't able to push the rents as high as he had hoped.
On this episode, Mike shares everything that went wrong, and we figure out how you can avoid buying a bad property.
https://rentalincomepodcast.com/episode465
Transcript
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| 0:00.0 | inspiring interviews with today's top landlords this is the rental income podcast and now dan lay |
| 0:09.6 | mike you bought a rental property that didn't work out that great what happened we just kept running |
| 0:15.1 | into problem after problem after problem maintenance was higher than we thought it would be. Occupancy was constantly turning |
| 0:22.6 | over every single month. The inability to push rents higher like we thought would. We literally got |
| 0:28.8 | pinched from every single angle and it made the property quite challenging to cash flow and make |
| 0:35.6 | into a good investment. This property looked incredible on Mike's spreadsheet. |
| 0:40.2 | He should have made a lot of money with it, but in reality, the property never made |
| 0:44.6 | money. |
| 0:45.2 | So on the show today, we're going to figure out what went wrong, see if there's anything |
| 0:49.5 | that Mike could have done differently to turn things around, and we'll see how he |
| 0:53.7 | ultimately got rid of the |
| 0:54.9 | property. Joining us on the show today from Atlanta is Mike O'Connor. We'll take a quick break |
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