112: My Airbnb Guest is a Drug Dealer!
Alan Corey shares his sister show with us called "Investing with House Money" which is a podcast targeting first-generation real estate investors. Give us a follow and like over on the House Money Podcast.
House Money Podcast Episode 13 includes:
House Money Weekly
In this week’s House Money Weekly segment, your hosts discuss blog 115 – what do look for in an inspection. Even though they cost $500-$800, inspections are very, very worth it. None of the hosts have had a clean report, though, so that’s to be expected. Alan thinks of inspections as an opportunity to ask for the price of problems found, plus a headache fee. Thus, you get the cost of your inspection back. Alan tells a recent story about the reason a client backed out after an inspection. Tom accuses Alan of being a slum lord. Alan also suggests running potential improvements by the inspector. The number one thing to look for in an inspection is water damage and intrusion.
Real Estate Is Easy Interview
Lauren interviews Nita the inspector! She’s from Cleveland, and she got into this space from seeing a lot of bad inspections from her own properties and her clients. Nita talks about what it takes to become an inspector. She has many opinions about the future of the inspection space and changes that should be made too, which is interesting. Naturally, Lauren and Nita dive into what an inspection is, what they cost, what the reports are like, and what to look for. Nita had an interesting answer to the question, how do you make real estate easy? She simply decided not to quit.
Teatime with Tom
Tom’s segment is about being trendy – how do you update without being trendy? Specifically, we’re seeing a lot of white brick and black trim. Alan figures trends last 10 years, but he’s doing a lot of black and white tile to try to combat this effect. Sheet rock is fine, but it’s the wainscoting and shiplap that we’re seeing that’s going to be dated. What about brown paneling? Lauren says she might leave it if she bought a place with it now. Tom learned lessons early that putting in trendy things in rentals is less important than putting in finishes that will last. Alan is updating his primary and isn’t thinking about value, rather, he’s thinking about enjoyment. Tom feels the same.