What has been your best lesson learned in R.E.?

[Frankie Woods]

I'm interested to see what has been the greatest lesson you have learned while actively pursuing your real estate investment goals. It doesn't matter if it was learned via a success or failure.

Mine has been that you make your money (i.e., control risks) when you buy. I still have trouble with this lesson, however, because I'm so excited to get units under my belt that I will sometimes accept a deal with only a little bit of meat on the bone as opposed to the recommended 20-30%.