My Biggest Due Diligence Miss

[Ian Tudor]

In general, people make their success public and failures private. There is some public embarrassment involved among many other reasons. However, success stories can be misleading and point others in the wrong direction. Mistakes can provide some context and guidance especially for new investors.

This is an experiment to share your biggest due diligence miss. My hope is that people of all levels - from newbies to veterans - will be able to help others from making a similar mistake in their due diligence process. 

I will be the first to share. 

In short, I purchased a mobile home park earlier this year. Everything was running smoothly until I realized the park was using 3x the amount of water that it should be for the amount of units. Over $10,000 has been spent and the issue hasn't been resolved. If I was more diligent in my research, I would have noticed this before the purchase. I wasn't. 

Below is a blog post I wrote giving more details on the situation.

https://www.biggerpockets.com/blogs/9807/64372-my-...

I would love to hear more stories.