lost money advice for newbies

[Account Closed]

Who has lost money in the property game and how much and what advice do you have for newbies.

Thanks

[Levi T.]

Originally posted by @Account Closed:

Who has lost money in the property game and how much and what advice do you have for newbies.

Thanks

Back when I was greener than a two dollar bill as a real estate investor I bought a quad in a very fun part of town. Let's just say, you could collect your rents and buy some drugs at the same time. First rule in real estate club, don't buy in ghettos. Anyways... Seller inflated the rent rolls by $100 a unit, fugged the other cost, and he did a number on the plumbing that gave me much headaches for many years. I finally sold it. I virtually lost 50k. Why I say virtually, is because the mortgage got paid down over time before I sold it for much less than I paid, so I still got my cash back, but no gains.

End of story is that property made me tougher than nails when it came to being a landlord, I mastered operation standards that serve me well to this very day. I heard old willy sold himself as a real estate guru later on and got couch up on some charges. Worked out in the end!