Let's talk mistakes we have made during realestate investing

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Let's talk mistakes we have made during realestate investing

Edward L lauckern
Auburn NY · Member since 2019 · 97 posts · 56 votes

For investors big and small, residential, and commercial.

We like to hear a lot about what we do right. 

Can we share what mistakes we've made personally or have witnessed first hand in the realestate business. And what we have done to correct those mistakes, or how to avoid those mistakes large or small??

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Max T.
Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
6y

Not buying everything in 19125 when I had the chance.

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  • Anthoney Hanks
    Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
    6y

    Hello @Edward L lauckern I am working on completely my first rehab. The biggest thing I have learned is most of the time, you are in this alone. Most of the time when you talk to your spouse or family, they may say they are on board, but really they do ont see the big picture. After a while, they fall by the wayside. 

    For me, I thought my wife would be more interested. She loves watching all the HGTV and DIY shows. Thought it would be natural fit. But the reality it is not not her thing. 

    I wanted to have a legacy for my family and still do. But I had to come to grips that I would be doing it on my own initially until others see how it benefits them. 

    2Reply
  • Edward L lauckern
    OP
    Auburn NY · Member since 2019 · 97 posts · 56 votes
    6y
    Originally posted by @Anthoney Hanks:

    Hello @Edward L lauckern I am working on completely my first rehab. The biggest thing I have learned is most of the time, you are in this alone. Most of the time when you talk to your spouse or family, they may say they are on board, but really they do ont see the big picture. After a while, they fall by the wayside. 

    For me, I thought my wife would be more interested. She loves watching all the HGTV and DIY shows. Thought it would be natural fit. But the reality it is not not her thing. 

    I wanted to have a legacy for my family and still do. But I had to come to grips that I would be doing it on my own initially until others see how it benefits them. 

    I can totally relate to this. for me i put full responsibility for anything that goes wrong in myself. That's the only way I'll learn. It's made me a better person in my opinion as well. So for instance if I get a contractor that is bad. I blame myself for not doing a better job vetting. Same with tenants dont blame them blame yourself it's a good way to help.prevent the same mistake in the future. I have a strong construction background so I can tell you that I have made some mistakes in that field years ago. The biggest being underestimating your jobs. Which is also true in investing. But in the end you're the one holding the bag. Whether its empty or full of cash. But you're right. Never rely on anyone else and if you are you better have a plan BCDEFG

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  • Anthoney Hanks
    Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
    6y

    Yes, very good point. Another mistake I made was thinking I was helping someone and saving money. I had a person down on his luck and let him do work for my. But in the end, I had to redo a lot of his work. But I take the hit fo this because I was being cheap. He had drinking problem and weed problem that I choose to let go. Very dumb on my part. Live and learn.

    1Reply
  • Edward L lauckern
    OP
    Auburn NY · Member since 2019 · 97 posts · 56 votes
    6y
    Originally posted by @Anthoney Hanks:

    Yes, very good point. Another mistake I made was thinking I was helping someone and saving money. I had a person down on his luck and let him do work for my. But in the end, I had to redo a lot of his work. But I take the hit fo this because I was being cheap. He had drinking problem and weed problem that I choose to let go. Very dumb on my part. Live and learn.

    I always say real estate investing is like swimming in shark infested waters and knowledge and experience is the shark suit   if that makes sense

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  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    6y

    You might want to have a look at this thread. It's very similar and full of mistake posts - https://www.biggerpockets.com/forums/48/topics/786263-what-was-your-worst-rei-blunder-of-2019

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    1Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    6y

    Not buying everything in 19125 when I had the chance.

    2Reply
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