Beginners Bubbles to avoid on first deal?

[Anthony Roach]

Hello Bigger Pockets,

This is my first post on Bigger Pockets! I've been commenting and connecting here and there but decided I need to just jump in instead dipping my toe's one at a time.

After listening to the podcast by Patrick O'Shaughnessy, Invest Like the Best - The Future of Financial Services with guest Zach Perret (Founder of Plaid), I pondered more about some of the topics and one in particular stood out to me. The concept of a Beginners Bubble. Essentially, beginners in any realm sometimes gain a level of confidence that exceeds their knowledge base in said realm.

Applying this to REI, I was wondering if anyone has stories or suggestions for me or any other beginner that would bring a beginner back down to earth, humble us a little, slap us with some reality. As a beginner at one point yourself, what was something you thought you had a grasp of but later realized it was much more complex? What are some things that beginners are routinely failing at? In what area have you seen a beginner be far more confident than their level of knowledge? What do I not know that I could only know from experience?

I'd like to learn from your and others mistakes to mitigate my own. I'd also like to get my first deal under my belt, and without over-analyzing everything, I intend on seriously looking at my first deal this coming summer. 

P.s. After hearing the podcast I also read the journal entry by Carmen Sanchez and David Dunning in the Journal of Personality and Social Psychology if you'd like to also take a look!