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Things you've learned not in RE books or podcast?
May have been done before, but what are some things you've learned over the years you never hear about in real estate podcast or books? I've got a few.
This helped me just starting out but moving the mortgage payment date as late as possible, mine are on the 15th. I do this in case rent is paid late, I had to switch banks, moving money for whatever reason, etc. To me it buys me an extra week as things happen. Has helped me a few times in the first year working out all the kinks. Didn't cost anything and was super simple as the mortgage servicer always asked me when first getting set up online.
Paying money to fix a roof (or anything really) when it's passed its useful life or you know you'll fix it soon anyway. Common sense, I know. I paid $1k total for two separate roof repair leaks when I was told the roof was passed its useful life and was planning on replacing it anyway within a year or two! When it leaked, I should have just bit the bullet and scheduled the roof replace. Lesson learned.
Most costly lesson to date. Make sure you walk your property to check for retaining walls and/or get a survey during closing/inspection. Everyone (realtor, property inspector, myself) saw there was a drop off behind the property but never thought to see if it was my responsibility and what kind of shape it was in. Within a year, I had to have it replaced due to code enforcement to the tune of $10,500, adding zero value to my property! That one stung but you know I will never make that mistake again! Heres the BP thread I made on it. https://www.biggerpockets.com/...
What are some uncommon or things you never hear mentioned?
This helped me just starting out but moving the mortgage payment date as late as possible, mine are on the 15th. I do this in case rent is paid late, I had to switch banks, moving money for whatever reason, etc. To me it buys me an extra week as things happen. Has helped me a few times in the first year working out all the kinks. Didn't cost anything and was super simple as the mortgage servicer always asked me when first getting set up online.
Paying money to fix a roof (or anything really) when it's passed its useful life or you know you'll fix it soon anyway. Common sense, I know. I paid $1k total for two separate roof repair leaks when I was told the roof was passed its useful life and was planning on replacing it anyway within a year or two! When it leaked, I should have just bit the bullet and scheduled the roof replace. Lesson learned.
Most costly lesson to date. Make sure you walk your property to check for retaining walls and/or get a survey during closing/inspection. Everyone (realtor, property inspector, myself) saw there was a drop off behind the property but never thought to see if it was my responsibility and what kind of shape it was in. Within a year, I had to have it replaced due to code enforcement to the tune of $10,500, adding zero value to my property! That one stung but you know I will never make that mistake again! Heres the BP thread I made on it. https://www.biggerpockets.com/...
What are some uncommon or things you never hear mentioned?