Business
Today I tell more about the lessons I’ve learned from long term rentals and what NOT to do. Don’t get me wrong, I have had my share of successes in long term rentals that have been quite beneficial to me, but that’s not what I’m touching on today. I found a duplex in Cincinnati for about $400,000 that caught my attention and decided to go ahead and buy it. There was an inspection done on the house, but what I should have done was get someone else, in addition to the original inspector, to redo the inspection. There was another buyer who didn’t end up buying the place and I didn’t look into the reasons why he didn’t end up going through with it. Turns out even though there was an inspection, which said there was work that had to be done, it didn’t mean that the work had actually been done or that it had been done correctly. This ended up costing me around $100,000 extra.Successes I’ve had with long term rentals 1:04I found a rental 4:47The Lesson I learned 10:32“You want to learn a tough lesson? Go buy a property and don’t verify that the stuff has been fixed that was in the inspection report. And go spend a hundred grand in cash out of your own pocket to fix this sh*t in a house that isn’t even your primary residence. It’s just a place that you could live 5 days a week while you’re there doing your job.” 16:41Reach Out To Keith, Get Help and Resources: https://dincpie.com/