I learned an expensive lesson today as a Real Estate Investor….Turn the water off! I have a completed Buy Fix Sell renovation project that is listed on MLS and waiting for a buyer. Surprisingly, it has been a couple months without a contract and a couple weeks without a showing so I decided it was time for a visit. Usually, I would wait weeks before checking in on a project, however, this house is about 20 miles away and time has been very limited. I opened the door to a great big puddle of water. The puddle wasn’t just a puddle, it was a lake. Luckily, I think I caught the leak in time and the damage is limited to the flooring. Not cheap, but I think I dodged a bullet. If you ever get hit by the bullet, call the guys at Sky Restorations, they are amazing all love to work with Real Estate Investor.
I know some investors that turn the water off at the main during the list period and others turn it off once they go under contract to avoid a flood situation. I have always felt turning the water off was old school and never worried about it but you can bet I will shutting off the water on all my renovation projects going forward. Hard lesson learned today, but I’m sharing it with you in hopes you don’t repeat it. Let my Five Thousand Dollar mistake save you a few thousand dollars.
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