I currently have a real estate portfolio of 1 two bed/1 bed duplex, and as of July 1st, I have both units occupied! From purchase date (end of Feb 2015) to now, I have enough funny, odd, embarrassing stories to rights a book trilogy to rival Twilight. With being a novice in the real estate game and already having so many stories, I can assume that the intermediate to advanced investors can trump any embarrassing mishap of mine. So I decided to post one of my favorites for all the people out there looking to get into the game, but are afraid to make mistakes. The only mistake you can make is convincing yourself that the fear of failing is great enough to not take any actions whatsoever.

Niagra Falls: Basement Edition

In the midst of a dreary, cold Cincinnati winter, I had a few work colleagues over for our weekly Pwn Sesh (video games played Mario Party style). The topic of investing came up and two of the Pwn members mentioned that they both had acquired investment properties that cash-flowed a few hundred bucks a month. What really caught my interest was the fact that they did so little as a landlord that they forgot they even owned properties! I was convinced, so I reached out to a realtor, took a look at a newly listed duplex, made an offer, and went under contract that same week. 30 days later, I was a home owner. 

At that point, I did what any 23 year old would do, I went to my new property, took a few selfies, and posted to social media about the beginning of my empire. I celebrated throughout the weekend, while my property sat idle through negative degree temperatures. That Monday, in a hungover state, I decided to take the day off to recover, because the property wasn't going anywhere, right? After a hearty breakfast and a Monster, I thought to myself, would Donald Trump take a day off or would he get straight to work? Around noon, I figured I would go to the property to put together a renovation plan.

With a grin on my face, I unlock the door, and upon entering, I hear a very subtle buzzing noise coming from the direction of the basement. As I walk begin walking down the stairs, the buzzing noise turns into a noise I can only compare to that of a Niagara Falls. As I reach the last step, I can now see the source of this noise, which indeed, turned out to be a miniature Falls. The drywall ceiling to the basement bathroom is floating in a few inches of water, and the ceiling is replaced by a monsoon level downpour. 

I calmly (or probably frantically) trace the waterline, turn the water off, and assess the damage. 

Long story short, I had forgotten to turn the utilities on for a few days, so the property temperature dropped significantly due to the weather, the waterlines froze, and when I finally had the utilities turned on, the damage was already done.

Mother Nature: 1, Theo: 0

After a few consults from Serve Pro and local contractors, I ended up spending a few hundred dollars to fix the broken lines and replace the drywall.

As I stated earlier, this is one of many mistakes I have made, but I faced all these mistakes head on, learned my lesson, and am now in the process of acquiring my second (and possibly third) investment property!

Any one else care to share a story that stands out from the rest, specifically regarding your first acquisition?

@Joey Palmer