What's the worst advice you've ever received?

[Justin B.]

So in taking a break from the seriousness of real estate, what's the worst advice you've ever received (or seen if it wasn't directly to you) and where did you get it? No need to name names unless you are referring to someone who is in the public eye (they wrote a book or something). I expect some of you will think some of the advice you read in this thread isn't the worst (or even bad). Everyone has their own comfort level. I slapped this in the Starting Out section because I feel the people new to real estate would receive the most benefit from a thread like this.

To get you started, here are a few I've seen:
You don't need an entity for your investments, umbrella insurance is all you need - Right here on Bigger Pockets
You don't need umbrella insurance, all you need is an entity (LLC) - Again, here on bigger pockets
Negative cash flow is ok as long as (I'll stop here because I've seen about 10 "as long as" statements :) - Almost everywhere.
Borrow money from a credit card or 401k to fund your real estate - Lots of places (Quick note: In the right circumstances, I don't think this is necessarily bad advice but for the general public, I believe it is).

I have lots more but that should get you started. I'll chime in with more as the thread drives on.