What MISTAKE did you make when buying your first rental?

[Matt Davis]

Getting ready to purchase my first rental and can’t shake the feeling that I’m going to make a major mistake. Curious as to what mistakes other investors have learned from when making their first purchase.

[John Warren]

@Matt Davis I was fortunate to have not made any mistakes on my first, although I have made up for that over time with my subsequent purchases! As long as you buy solid buildings in good areas you can shake off mistakes. I would make sure whatever you buy cash flows, and make sure you are not in a war zone. If you do those two things you will be ok long term. 

Also, don't just buy to "get in the game" as a lot of newer investors are doing this. You will get burned if you buy a super marginal deal. Stick to your underwriting criteria.