Indeed, Nick has fallen victim to the biggest misconception in real estate: A mortgage is not a loan against the house; it’s a loan against your income.

I had a lot of misconceptions about what I'd be able to do, but moved quickly (too quickly, in retrospect) into an SDIRA to take advantage of a deal.

In answer to Jon's question, we are not seeing the cap rate compression that apartments have been experiencing, probably due to the fact that the majority of real estate investors are scared to buy mobile home parks due to basic misconceptions about our customers and how the business model works.

thanks for clearing up my misconceptions & also to @Brianna Schmidt.

The misconception or gray area comes in when you end up holding a flip house for more than a year (entirely possible for a variety of reasons) I've seen it said here many times that then it would be a "long term capital gain"-NOT SO FAST!!!

I've lived hear my entire life and it's changing constantly, my advice would be to drive around to where you see them listed and see what's happening in the neighborhood now, as opposed to a possible misconception from years ago.

There seems to be a common misconception that cities cannot make laws that control what you can do on private property.  

There are a lot of misconceptions on how banks lend because banks have "overlays".  

When I responded that it was a financial calculator, both my agent and the buyer’s agent were perplexed as to why I needed one, since the mortgage brokers do all the mortgage calculations.This is a common misconception.

@Candace Postell,The attorney should be able to handle everything since you don't need marketing or any of the stuff an agent normally does.There's a lot of misconception about what agents do.