Many moons ago, I received a late night phone call that made my heart drop. One of my rental properties had flooded, and the ceilings were raining water.
Thoughts of pooling water mingling with electricity crossed my mind: a catastrophe waiting to happen.
Thankfully, no one was hurt from this disaster.
Painfully, this experience concluded in evacuation and relocation of 8 tenants for 6 agonizing months. Not only did I stop getting rental income but damages to the property amounted to $90,000.
That experience alone could have ended my real estate investing journey – and it almost did.
Rather than cutting my losses and moving on with life, I decided to learn from it and grow my real estate portfolio the smarter way.
Rather than learn by trial by fire (like I did), take a few minutes now to learn what you can do to deal with a disaster in a more proactive and less stressful manner.
I hope my lessons from the trenches helps you grow in your real estate investing journey.
Do you have any tips for dealing with a real estate disaster? Share below.