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My $40,000 Property Management Problem (Never Do This)

Episode #400 This episode could make you $40,000. Seriously, one property management mistake cost our own expert investor, Dave Meyer, anywhere from $30,000 to $40,000, BUT it’s easier to avoid than you think. If you’re a rookie real estate investor, this single mistake could sink your portfolio and put you back years on your journey to financial freedom. So, what’s the mistake you must avoid, and how do you circumvent it to make more money while having less stress? It’s "Real Estate Rookie" episode 400, so let’s save you $40,000! Dave has been investing for over a decade, and he’s made his fair share of mistakes, but this one takes the cake. One simple property management judgment error sent his short-term rental trajectory off a cliff, with a filthy house, no bookings during the peak season, safety problems that left his property in jeopardy, and guests leaving less-than-flattering reviews. But this is a mistake anyone can make, so how do you avoid it? In today’s episode, we’ll get into the nitty-gritty of what cost Dave $30,000 - $40,000, the exact way he’d prevent this from ever happening again, what you should look for in a property manager BEFORE you hire them, and the contract clause that could kill your cash flow! ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?... ~~~~ Join the Real Estate Rookie Facebook Group:   / realestaterookie   ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ Find Investor-Friendly Lenders: http://biggerpockets.com/findlenders ~~~~ Find a Great Property Manager: https://www.biggerpockets.com/blog/pr... ~~~~ Hear Dave on The “On the Market” Podcast: https://link.chtbl.com/OTM ~~~~ Watch Dave on the “On The Market” YouTube Channel:    / @bponthemarket   ~~~~ Grab the New BiggerPockets Book, “The Self-Managing Landlord”: https://store.biggerpockets.com/produ... ~~~~ 5 Tell-Tale Signs That it Might Be Time to Fire Your Property Manager: https://www.biggerpockets.com/blog/20... ~~~~ Find Short-Term Rental Data with AirDNA: https://www.airdna.co/bp ~~~~ Connect with Dave: BiggerPockets: https://www.biggerpockets.com/users/d... Instagram: @thedatadeli or   / thedatadeli   ~~~~ Connect with Ashley and Tony on BiggerPockets: Ashley: https://www.biggerpockets.com/users/e... Tony: https://www.biggerpockets.com/users/t... ~~~~ Connect with Ashley and Tony on Instagram: Ashley: @wealthfromrentals or   / wealthfromrentals   Tony: @tonyjrobinson or   / tonyjrobinson   Show notes at: https://link.chtbl.com/Rookie 00:00 Intro 03:12 Buying a Property ASAP! 06:57 Great Property, But… 12:23 One Big Mistake 16:05 Things Go Really Wrong 20:07 Losing A TON of Rent 22:48 Costly Lessons Learned 28:43 Get a REAL Property Manager