E18: How One Bad Deal Changed the Way We Do Real Estate Forever

Ever had a real estate deal go sideways? In this episode of The Real Estate Ride, we’re pulling back the curtain on the good, the bad, and the downright ugly experiences we’ve had in the industry. From struggling to find reliable contractors to navigating unexpected repair costs, we’re sharing real-life stories and hard-earned lessons from our 20+ years in the business.We also dive into why we started our own construction company and how that decision has helped us take control of our projects. Whether you’re a seasoned investor or just starting out, you’ll learn essential tips for hiring contractors, managing change orders, and making sure your renovation projects stay on track. Plus, we’re sharing some insider strategies for adding value to properties without breaking the bank.Episode Highlights:[0:00] Introduction[1:10] The reality of dealing with contractors – finding reliable help isn’t easy[3:25] Why we started our own construction company (and how it changed everything)[6:50] Teaching our daughter how to flip a house (and the harsh lesson she learned)[9:15] How to get accurate contractor estimates—and why you need more than one[12:30] The importance of having a detailed renovation plan before hiring anyone[14:45] What to ask when interviewing a contractor to avoid costly mistakes[16:20] Understanding change orders and how they can blow your budget[19:10] Key things to check before adding a bathroom or making major renovations[21:45] Why you must verify local permit and licensing requirements before starting work[23:30] How we train contractors in-house to ensure quality work on every project[25:15] The common mistakes homeowners and investors make when hiring contractorsFive Key Takeaways: 1. Always get multiple estimates – Contractor bids can vary widely, sometimes by thousands of dollars. Comparing at least three to five quotes can prevent you from overpaying. 2. Have a clear renovation plan – A well-documented scope of work prevents miscommunication and ensures contractors follow your vision instead of making their own decisions. 3. Check licenses, insurance, and references – Don’t just rely on pictures of past work. Ask for real client references and verify that the contractor is properly insured and qualified. 4. Be prepared for unexpected costs – Change orders happen when hidden issues arise, like termite damage or outdated wiring. Build a contingency fund into your budget. 5. Understand permit requirements – Different cities and counties have different licensing and permit rules. Know what’s required in your area before hiring anyone to do the work.Links & Resources: • Contact us: [email protected] | [email protected] you found this episode helpful, subscribe to the podcast, leave a review, and share it with someone who could use these insights.