Real Estate Investing Mastery Podcast

The mentor of my mentor is Tim Grimmett, a St. Louis area investor since 1999. Earlier this year, TIm purchased a house for $5,000. The kitchen was burned out of the house, but it had good solid bones. He knew it’d only take about $7,000 to get the house into renting condition, and when all was said and done, he could rent the 3 bedroom house for $850.The morning after the closing, Tim woke up and remembered that he needed to purchase home insurance, so he contacted his agent who agreed to back date the coverage to midnight. Then Tim’s assistant called to say that at 7 pm the night before, an enormous tree had fallen on the house.According to real estate law, the moment you sign at the closing, that’s when the sale is consummated. Even if the money hasn’t transferred, everything that happens to the house is your responsibility. Luckily, with Covid shutdowns in place, Tim had nothing else to do but get this house back into shape.Doing good things in your community will come back to you in spades. Again and aga