@Steve Vaughan  when we went through the 08 to 2010 debacle and over 200 landlords handed me back their houses.. and lost ALL their money... it was an eye opener and they were all landlords all west coast based   a few on east coast.but they walked..  

Because we were clear eyed going in it has worked out ok. 

I’ve lost a lot of money on my 3rd deal, and it was very distasteful.I am keeping my eye open for better strategies, just haven’t found one that’s fits me better than BRRRRR at the moment.

If anything it was a huge inspiration to me to keep my eyes open for these once-in-a-decade opportunities - and then have the patience and foresight to sit on it and pay maintenance for MANY years.

It really highlights the value of having strong partnerships, effective marketing, and a sharp eye for profitable properties.One takeaway here is the importance of leveraging connections and networks to identify similar quick-turnaround opportunities.

When we looked at the loans that remained which they were selling (we run a note fund) many were worthless as they were sold at tax sale or had taxes owed greater than property values.Many of the assets they acquired were in very bad and poverty stricken areas (which they have another fund called skid row…) so tells you types of assets they invest in.This sucks for someone like me because this puts a huge black eye on the rest of us

If you can arrange a visit to see how the tenant is taking care of their current place, that will open your eyes as well.

Also, keep an eye on local zoning and landlord-tenant laws—they can vary quite a bit.

Managing real estate, and doing it well, is an entirely different story.I would keep your eyes open for a book that teaches you how to manage well.

That kind of shoot-from-the-hip approach can be fun for a minute, but it usually ends up like my old buddy Rick’s first deal.. he bought a distressed fourplex in Tucson years back without a real plan, and while he eventually turned it into a solid monthly cash flow, he spent the first six months sleeping with one eye on the tenant ledger, praying the HVAC wouldn’t bail on him after a hot desert day.