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Updated over 5 years ago, 07/10/2019
Novice in Tampa, Florida
Hello! I invested in real estate a about ten years ago and made a LOT of mistakes. I had two rentals back then and also my own home. Had to pay a lot of stupid tax, but that's what you get when you just leap into things. LOL. I always said I would do it again despite that experience. I knew I had a lot to learn. So here I am. Will probably just lurk for a while in here while I am learning and saving cash before I do anything. Looking forward to connecting with other like-minded souls.
@Eva Machicado Im currently in the midst of making a move to Tampa Fl, would be interested in learning what you learned from your previous rentals and taxes.... Plan on looking at my first rental in Tampa.
@Luis Villacis basically, my strong suit is not math. LOL. The biggest takeaway I learned is that you better have crunched the numbers (multiple times!) so that you know WHEN you are actually going to make a profit and HOW MUCH that is going to be. Otherwise, you can get yourself into a whole lot of trouble very quickly with the whole "leveraging of other people's money" strategy. Good luck on your move. I moved here a year ago myself and love it.
@Eva Machicado
Mistakes are expensive learning experiences -that’s all! Don’t feel too bad, I bought a fourplex with foundation issues last year and it put me back pretty far. Glad to see you’re back in the game.
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#1 New Member Introductions Contributor
- Solo 401k Expert
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@Nick Rutkowski oh wow! Ouch. Sorry to hear that. Yeah, once you make those mistakes you get a lot cannier. I suppose I'm glad it happened on a relatively small scale for me. I have a whole different mindset now.
@Eva Machicado
Good stuff, best of luck on your new venture!