Biggest Mistake You've Made on a Multi-Family....

[Mike Allison]

Hello Bigger Pockets Community!

Just starting out in educating myself on the real estate investment world - there is a lot to learn and I am doing all I can to catch up quickly...

 Of course you hear a lot about people's success stories... but what I am more interested in is learning from other peoples mistakes (before I potentially make them!)

So I ask - what are some of the mistakes that you all made out of the gate in real estate investment that helped educate you quickly, and knowing what you know now what may have prevented it? Appreciate any insight! 

[Jim Pellerin]

1. Thinking I could save money by doing everything myself. Did my own contracts, my own offers, my own accounting. I hired the right team later on.

2. Thinking any tenant is better than a vacant property. A lot of problems with bad tenants. Didn't screen properly.

3. Thinking a needed money to get started or to grow. Once I switched to lease options, I grew like crazy without any of my own money.

4. Didn't manage my growth properly. I didn't delegate properly and didn't manage the delegation.

5. Didn't hire a mentor/coach earlier. I have had significant growth once I hired the right coach. 5 to 30 properties in 1 year. 100 in about 3 years.

6. Helped too many people along the way who took advantage of me. Employees, investors, tenants, etc.

And probably a lot more...