Burst pipe within 3 months of purchase
Recently I purchased a 4 family multi in Providence, RI and I have been listening to Biggerpockets podcasts and reading people's stories like I am addicted. The property I purchased was at a good price because if the units are fully rented even below market, could generate 800+ cash flow a month and other properties in the area was selling at 10-20% higher. However, as I was still trying to turn around 2 of the units with carry-over tenant in the other 2, a water pipe burst due to the Northeast freezing storms. The burst happened on the top unit so all the units below, including the 2 rented, had significant water damage (ceiling caved in).
I am still in the process of dealing with the property management, insurance and tenants.. I am quite anxious how everything will go. This is my first investment property so it's a pretty good slap in the face.
However, I am hopeful and I am still very excited about real-estate in the long run. Every guest on the podcasts say persistence is the most important thing to succeed. At a time like this, I am very thankful for Biggerpockets to bring this community together and giving me the encouragement to keep going in real-estate.
I know there are a lot of success stories on here but it would be great to talk about some of the lessons too. Let me know if you have had a similar experience or if you have any suggestions. I'd love to hear!