Is the fear of “what if?” stopping you from investing in real estate? You could learn a thing or two from today’s guest. Despite a “nightmare” first deal involving every worst-case scenario imaginable, he still managed to come away with an enormous profit!
Mitch Krotz had always wanted to buy a rental property, so when a great deal fell in his lap, it was a no-brainer! But then, seemingly everything that could go wrong did go wrong. Shortly after closing, Mitch was already evicting tenants and wading through trash in his heavily damaged unit. But that’s not all. Police showed up and discovered a grow house in the basement right before Mitch’s ex-tenants broke into the property. To cap things off, Mitch was hospitalized for meningitis during his DIY home renovations. While he had every reason to give up on real estate investing, his persistence paid off to the tune of $115,000 in profit.
If Mitch can do it, you can too! Stay tuned as he shares some of the most valuable lessons learned during his painful first deal. For one, if you’re going to take real estate seriously, you need to manage it like a real business. Invest in systems, organization, bookkeeping, and other tools that will set you up for success!
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In This Episode We Cover:
- Mitch’s biggest lessons learned from a painful first real estate deal
- How to build an all-star team to help run your real estate business
- When to DIY home improvement projects (and when to outsource them instead!)
- Dealing with troublesome tenants and navigating the eviction process
- Why you NEED to allow room for error in your margins
- The “secret” up-and-coming market Mitch has identified for short-term rentals
- And So Much More!
Links from the Show
Book Mentioned in the Show
Connect with Mitch
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.