Great lesson to learn from another investor.Anyone else have a story about when your ego burned you on renovations or a purchase?

Which leads to my second point: here is a recipe for crashing and burning that everyone should be familiar with because it happened repeatedly in '08-'10. 1) Buy houses with 15% down in neighborhoods that have a lot of competition for rentals and would face downward pressure on rents in a bad economy; 2) hire property managers for about 10% of the take because the houses are more than you can handle personally, 3) make sure the cash flow is below $400 a month, and preferably right around $0; 4) have few assets in the bank or liquid; 5) wait for an economic crisis.Point being, you can be on too fast a track such that when the music stops, you have no place to sit.

you could play the arbitrage game and borrow at 4 or 5 on your heloc then use those funds to invest with a really good HML in Bend that is doing short term flips probably make 10 to 12 gross and net 5% to 7% on your arbitrage..or you could just use the money for quick turn and burns.. if you have the band width to do those.. 

There is a lot to learn, you have to avoid prairie soil, you'll want to stay away from the Coliseum  Plume  (an area that experienced soil contamination) as well as sections of town that have a lot of violence but look like cheap deals (so many out of state investors get really burned). 

Addressing the problems is like trying to put out small individual fires in a forest that is burning.

One washer was so full it wouldn't even spin and the belt burned inside. 

I have a burning desire to be a successful wholesaler and I want to get my first deal done ASAP.

I have a burning desire to be a successful wholesaler and I want to get my first deal done ASAP.

We did like the Dead body jobs, Meth lab, house burned down, and my favorite was code violations. 

I haven’t heard of one person being burned by the DOS clause when their bank found out about their LLC.