You don’t have to skimp on the neighborhood or the quality of the house, but if it is a nice little 3/1 or 3/2 single family home in nice condition with no deferred maintenance, then your chance of making a mistake or getting hurt financially while you learn is limited.

BIG rookie mistake and lesson learned. 

I do think some investors and lenders treat them as gospel and that's always a big mistake 

Hi Josh, here are some common mistakes investors make when doing a BRRRR:Overestimating the After-Repair Value (ARV):Investors sometimes overestimate the future value of a property after renovation.

@Steven Mendiola admire your gungho attitude, be sure to temper it a bit with reality, but don't lose you energy - it can help you recover from a lot of mistakes!

It would be a big mistake to pull the trigger on a property in an area like that.

That sets the tone for learning about the future.All the advice here (and there are great insights) will not substitute going out and getting a deal.if you are serious about a future in RE, you will learn from your mistakes in your first deal and you will use those mistakes to help you in your second deal and so forth.Most importantly you will if you enjoy the journey of RE investing.

The biggest mistake I made in my RE investing career early on was being so conservative that I only bought homes for cash, i.e.

My mistake was locking in the 30K for the furnishing and construction to make into a “better” STR property.

We all start from somewhere and you learn and grow from your mistakes.