- Joined
- Feb 9, 2012
- Messages
- 115
Some REIN members may remember that almost a year ago, my husband and I were seeking help related to a house we purchased. It was our second rental property, and first one since joining REIN. The house was a foreclosure in Edmonton with drywall in the basement, and after the tenants reported two leaks on opposite sides of the house, we ripped out the drywall to find out that the whole foundation had failed.
I'd like to report back that this house now has a new foundation. It was a long process which I never want to go through again, but we learned many lessons.
It took a long time for us to gather information on how to remedy the situation, and once we decided on a course of action, it took six months to get the design done, send it out to quote, obtain permits, and finally have the work constructed. It was a long time to hold my breath.
In the meanwhile, we continued to pursue our goals and this meant changing our whole approach to investing in real estate so that we wouldn't get stuck with another bad property ever again. On schedule, we bought more properties, and these properties combined were less work than the one bad property. My first 18 month REIN membership isn't even up for renewal yet, and so much has happened.
Most of all, I want to thank the REIN community for the help, advice, and support during the tough time and for putting me in touch with so many amazing people whose combined wisdom has been invaluable.
Also, I've taken some care to document the story of the one property with a rather long 5-page narrative and slide show. I feel it may help someone down the road. Although I'm not sure how best to share our learnings, any suggestions would be welcome.
Many thanks again.
I'd like to report back that this house now has a new foundation. It was a long process which I never want to go through again, but we learned many lessons.
It took a long time for us to gather information on how to remedy the situation, and once we decided on a course of action, it took six months to get the design done, send it out to quote, obtain permits, and finally have the work constructed. It was a long time to hold my breath.
In the meanwhile, we continued to pursue our goals and this meant changing our whole approach to investing in real estate so that we wouldn't get stuck with another bad property ever again. On schedule, we bought more properties, and these properties combined were less work than the one bad property. My first 18 month REIN membership isn't even up for renewal yet, and so much has happened.
Most of all, I want to thank the REIN community for the help, advice, and support during the tough time and for putting me in touch with so many amazing people whose combined wisdom has been invaluable.
Also, I've taken some care to document the story of the one property with a rather long 5-page narrative and slide show. I feel it may help someone down the road. Although I'm not sure how best to share our learnings, any suggestions would be welcome.
Many thanks again.
