You typically fall into a deal or two at the start, but then you have to really go to work to keep it going.Biggest mistake most investors make is assuming all properties perform the same, regardless of location, tenant pool, etc.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.When investing in areas they don’t really know, investors should research the different property Class submarkets.

I have learned from this experience and ensured clear communication for any future changes.Despite these past mistakes, I have maintained a stable and productive life.

Your first few few rookie mistakes, your naivete, etc., will all make you pay a price and it's better to do it from a strong point not a tap out point.

The mistake we made was not getting an equity line before buying our next home.

I made this mistake with a LARGE sum of money early on, and even lost some of it completely on high risk investments as I was trying to "play like the big boys".

It's still an informative post and my reply will hopefully help someone form making the mistake of starting work on a remodel before securing all the funds.

@Jon Mekeel - I'll give you two-in-one answer: get on the list of all wholesalers you can find and watch their emails - periodically, one will make the mistake of sending one with their whole list of recipients in the TO field.

Is this a mistake? 

In particular, I'd suggest asking those folks about what types of challenges they encountered, lessons they learned, and mistakes they made with OOS REI ...It's a lot easier, safer, quicker, and cheaper to learn from other peoples' mistakes than to make your own...Good luck out there!

Keep in mind 10-15% of the GC fee is to cover WC/GL other overhead and admin costs, punch list, warranty and mistakes and overruns.