It seems that all of the rental properties that I have bought in the last few months have been ones with problems. This happens from time to time, and no matter how much planning you do before buying a property, there is always the chance that there will be problems.
Trust me on this one. In fact, let me share a story with you.
Two weeks ago I put an offer in on a duplex in an area that I have had my eye on for some time. The good properties in the area are few and far between, so I had been waiting patiently for something to come up for sale that I could snatch up. Like always I made sure to keep my emotions out of my investing, so when I bought the duplex, I thought that I had a winner.
But I had made one mistake – I didn’t do a walkthrough of the property myself. I had one of my employees do it and bought based on their suggestion.
It was a mistake.
As it turned out, the property had some extensive water damage and we had to call in some consultants that specialized in Water Damage Restoration Castic to deal with the issues. They have been working on the property here for a day or two now, and though progress has been made, it is not in a rent-ready state yet. Hopefully we’ll be able to get it out there for rent soon, but in the meantime I learned a valuable lesson: I need to do walkthroughs on my own before buying any new rental properties.