Quote from @Mark Martin:
I am new to investing and I'm looking to get someone to help guide me. I'm not afraid to fail but I am afraid that I'll fail because of a stupid mistake that I could have avoided. What pitfalls have you encountered that could have been avoided or what unforeseen circumstances have turned a good deal into a bad deal.
Welcome to this exciting world Mark! It’ll be full of many successes and many failures ;) this question is pretty vague and I think it really depends on what kind of investing you’re wanting to do. I’ll give you a sample though from my personal experience:
I bought an AirBnb property in Orlando. My mistake didn’t make it a bad deal necessarily but it made it a worse deal than what it could have been. I didn’t do enough due diligence. I didn’t analyze the market enough. I didn’t have an established system that I was confident in when it comes to deal analysis and market research. There are many ways to do this. Find the one that works for you and also doesn’t trap you in “analysis paralysis.” When you have this in your back pocket, you’ll be able to spot out a good deal from a mile away. Good luck!
