Recent real estate failure

[Nicholas Foy]

I closed on a property in Warren, MI on Oct 20 and I quickly found out through my property manager that the house is in a horrible area and won't fetch enough rent to cash flow. I was too giddy to get another property and my first ever property I bought in Texas was successful. Unfortunately, I am putting the property in Warren up for sale tomorrow and I expect to lose 25k. My lawyer, PM, and financial advisor assessed the risks and we agreed to flip it. I guess this can help save future investors this experience by letting you know to not buy a property for the sake of buying one. I also believe in David Greene's philosophy of buying in nicer areas and not downtrodden cities in the Midwest like Warren or Detroit now. I hope this helps anyone looking to buy right now. Personally, I would just wait it out and save your money. What's the worst that could happen? Sitting on a nice, big pile of cash? I'll lick my wounds and onto the next successful one!