Turning Mistakes Into Lessons

[Jerome Harrison]

First off, I want to thank all those who give advice and share there experiences here on BP. You have been a tremendous help. 

I have spent countless hours reading post, books and anything on investing I could get my hands on. In the process of rehabbing my first solo project, and getting my first listing under contract in less than 30 days, I've realized that no amount of reading and research will fully prepare you. From dealing with contractors who attempt to take your kindness for weakness and order more than needed material (for there own use), to unforeseen issues with a property's structure, proper budgeting and the list goes on. I'm extremely blessed to have a mother who has been a real estate professional for over 25 years. With that said, I tend to be stubborn at times and feel my way is best (based off what I read and think). While learning from others mistakes is key to our success, some lessons are best learned from our own. In the words of Rita Mae Brown “Good judgment comes from experience, and experience comes from bad judgment.” This first project has taught me many lesson's. Above all, I am not omniscient. After almost a month into the project, I have now let go of the " I can handle it on my own mindset", and now happily allowing someone with the experience and knowledge guide me through the process. 

[Guy Gimenez]

@Jerome Harrison    Congrats. 

Remember that just because you CAN do a task doesn't mean you SHOULD do that task.  Like real estate, you too have your highest and best use and I suspect hammering a nail ain't yours my friend. Keep track of the approx. number of personal hours you spent on the rehab and once it's complete, divide the profits by your hours to come up with an hourly rate. It will probably be higher than you think. Then you will know what activities you should do and which ones you can pay another party to do as at a much lower rate than yours.