What's your biggest blunder?

[David Wilson]

Curious about mistakes you've made and what you learned. Mine as follows:

My first investment was in a really rough area but penciled out well. My realtor convinced me I'd rarely even see the property because we'd hire a manager to deal with it.  All section 8.

Gross rents from this 4plex were 2,900 a month. Anxiously awaiting the first check from my manager, and it was 1300.  What? Expenses, blah blah.

This went on for a couple months. . Manager charged me for a new kitchen floor. $550. Never thinking I'd check because I was afraid of getting shot, I went there, started knocking on doors and introduced myself to the residents.

The floor was never done, and I was overcharged on what was done because I didn't know how much things should cost.

I fired him, developed a good relationship with my tenants and learned my numbers. Exact cost of carpet, flooring, water heaters, HVAC.

My ignorance of costs, reliance on a manager, and hesitancy to interact w my  tenants cost me.  

I never let that happen again.