Posts tagged "water"

Lesson Learned while Searching for our Next Rental Property

The weekend means a lot of different things for a lot of people.  Some of you out there spend your weekends hanging out with your friends, partying, and celebrating your two days away from work.  Other people, like myself, spend their weekends on business ventures such as going to open houses with the goal of finding new properties to invest in.  At least that is how we spend most weekends, and though we don’t always end up making an offer on any homes, each potential property we visit helps us to better understand current market values.

For us, it is a good use of our weekend.

While there were no real good investments to find this weekend, we did learn a thing or two about water damage repair from a chatty realtor Saturday.  We were looking at a home that was priced well below market value, so we knew that something was up.  You don’t usually find deals like this in the current market, so we happened to ask what was going on.

He had a story to tell.

It turned out that the home had a bit of a flood after the drain pipe fell off of the upstairs washer.  They had hidden the damage by painting over it, but after the realtor had mentioned the issue, we could see what we were missing.

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Needless to say we walked away from that property.

But the silver lining is that we learned a valuable lesson that will be applied to any other property we might look at – so looking at houses this weekend was worth it.

Posted by Melissa Jones - April 16, 2017 at 3:17 pm

Categories: Real Estate   Tags: , ,

Rental Property Troubles

IMG20170206WA0020It 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.

Posted by Melissa Jones - February 16, 2017 at 11:01 pm

Categories: Real Estate   Tags: , ,

Warning Signs Your Real Estate Could Need Fungal Ridding

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Posted by stevenlocke - February 18, 2012 at 5:10 am

Categories: Employment   Tags: , , , , , , ,