Want a successful, cashflowing rental property? Make sure you don’t overlook the tenant screening process or hire the “cheap” contractor. Otherwise, you could be dealing with floods, evictions, project delays, and other issues. Fortunately, today’s guest has already dealt with these headaches so that YOU don’t have to!

Welcome back to the “Real Estate Rookie” podcast! Investor Dan Stowell has endured not one but TWO horror stories during his real estate journey. As you’re going to learn today, the consequences of placing a bad tenant or hiring the wrong contractor can be severe. After a tenant caused $47,000 in water damage (and didn’t have renters insurance!) and a home renovation on his primary residence turned into a 1,000day rehab, Dan had every reason to give up on real estate investing. Instead, he tackled each challenge and used these expensive lessons to make him an even better investor!

In this episode, Dan offers several tips that will prepare you for anything that could be thrown your way. You’ll learn how to screen a tenant, how to avoid bad contractors, and, most importantly, how to react when things go south. Stay tuned until the very end to find out what became of Dan’s problematic properties!

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The REAL Side of Real Estate: When Rehabs and Rentals Go Wrong:
https://www.biggerpockets.com/blog/ro...
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Leaks, Surprise Rehabs, and the Reality of Buying Your First Rental Property:
https://www.biggerpockets.com/blog/ro...
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How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability:
https://www.biggerpockets.com/blog/ro...
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Connect with Dan:
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Connect with Ashley:
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Instagram: @wealthfromrentals or   / wealthfromrentals  


Show notes at: https://link.chtbl.com/Rookie


00:00 Intro

01:23 Tenant Screening 101

06:16 Tenant Red Flags

09:59 $47K in Water Damage?!

14:43 Evicting a Bad Tenant

20:06 Buying His Primary Residence

25:31 The 1,000Day Rehab

30:56 Pay for the Better Contractor!

35:32 Connect with Dan!