Biggest real estate mistake you ever made

[Account Closed]

Let’s hear it

[Frank Wong]

When I first got started and had early success this was during the boom of 02-06.  I thought I knew what I was doing but I had "Dunning Kruger Effect" which is a cognitive bias that people think they have a higher skill set then they really do. 

I had multiple homes and prices were skyrocketing and on paper, I was making a lot of money. Lucky for me I had self-realization that I didn't know what I was doing.  I had already begun to question the market because it made no sense.  Way too many people buying multiple homes when they should not be.  I went to a rich dad event in 05 and it dawned on me that I didn't know what I was doing. I sold all my CA properties that week.  

That's the thing about Bull Markets they hide peoples mistakes and make them think they know what they are doing.