Your biggest mistake as a new investor

[Chuck Brickman]

Thanks to everyone for sharing their insight and advice. I'm a new investor and this site is of great help to me. I've read a lot about success stories...I was wondering if anyone would like to share the mistakes they made and what they learned from them? I'm not so much interested in generic issues but I'd really like to hear about specific issues.

Thanks

[Jon Klaus]

#1 Buying a rental in a bad area. I rationalized to myself: "but look at the cash flow."

#2 Underestimating rehab time and cost on an older home.

#3 Not properly screening and qualifying tenants.