What mistakes have you made?

[Chyniece Cox]

Good morning everyone,

I’m curious about what mistakes have you made this far in this business and what have you learned?

Looking forward to hearing from you all!

[Jonathan Greene]

For seasoned investors, it's more about what mistakes we haven't made. Because we have all made a ton. You can't be a good investor without several blunders along the way. Here are my top three:

- Partnering with a contractor on a flip where I was the money and they were the work. I paid for the house, they paid for the labor, we split the supplies and the profit. They started using the LLC credit card for spa treatments and clothes. Lopsided deals going in usually end up lopsided on the way out. Money and labor don't equal each other because they can trim on their end and the money side can't.

- Wanting to win at auction and bidding more than I said I would just because I wanted to beat other investors. This is always a fail. You should go into every offer with a top and never go above it no matter what.

- I flatly rejected a first offer on a property I was selling. I thought it was amazing, listed at 2.3m. My agent at the time, I didn't have my license back then, let us list that high, but it really should have been listed at 1.5m. The first-week offer was 1.4m. I rejected it. In 2008. The market crashed, it was on the market for another year and I ended up getting like 800k for it. NEVER turn your nose up at a first offer, at least consider before moving on.