In this episode, John and Brian tell us stories about times they have failed while growing their company, from using disreputable contractors early on to raising the rent on a property they currently own. They also give advice on how to deal with failure and how to minimize it.
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This Episode is Sponsored by
Core Rentals offers full service, residential property management in Columbus, Ohio and surrounding areas. They are equipped to handle single-family and multi-family homes. Visit CoreRentalsOhio.com today to have the day-to-day operations of your rental property handled by professionals.
Covered Topics:
- Failure with contractors.
- Failure with acquiring properties.
- Current failure that the guys are dealing with.
Show Notes:
01:08 – The property that Brian and John purchased today and other recent happenings.
- The best deal they’ve ever gotten on a single-family home.
04:08 – Failure.
04:33 – Failures with contractors.
- Being careful with who to trust.
- Not getting proper quotes.
09:55 – Acquisition failure.
- Winning an auction for a destroyed house.
- A house that the guys made many different types of mistakes on.
- Dealing with higher-end homes.
17:06 – Adversity that the guys presently face.
- Multi-family homes.
- A property the guys own that is sitting half vacant.
- Delegating and trusting people.
- Challenges in growing the company.
20:55 – Viewing failure positively.
- Using mentors vs. learning from doing.
Topic Takeaways
- Accept failure and learn from it.
- Do your due diligence.
- Be open to advice from private lenders that you trust.
- Don’t get discouraged when you make mistakes.
Tweetable Quotes
“If you’re going to an auction, maybe don’t make the first bid.” (Tweet This!)
“Knowing your market is a key component to being able to sell a house.” (Tweet This!)
