Any bad experience out there?

[Costel A.]

I'm hearing about a lot of success stories and they are very motivating. However, I want to hear the other side, the bad stories, some mistakes you did and you wish you didn't, overpaying for a house, dishonest wholesaler, contractor, hard money lender, anything a newbie like myself needs to be aware before jumping on a deal. Thank you.

[Whitney Hutten]

I would say most have war stories.... my worst one is a bus fell onto the roof of the mountain rental 2 days before closing (yep! you read that right).  Nightmare to say the least.

Our most recent "mistake" was over-estimating our numbers and not doing due diligence on the area well enough for a rental.  Fortunately, we figured it out by the inspection objection deadline... bummer it cost us a few hundred to get out of the deal...  

As far as advice, do 1 deal and learn from it from purchase, to marketing, legal, tenant placement.  Post numbers in the forum for an extra set of eyes if you want. Then put together a battle plan for the next one (what worked, what didn't, how to improve).  

Hope that helps!