The answers to those questions will determine the target property and will prevent some mistakes down the road.

This week my mistakes have been doing the opposite of "buy the rumor/sell the news."

He said his first mistake was getting attached to the property when he knew he would be using the house in the future as a rental.

Bad investors can mess up deals in any city and good investors can do good deals in any city.The difference between good and bad investors is mostly about learning from past mistakes and stumbling forward.

Either way, this was a fun thing to do and hopefully people can learn from my mistakes!

I made the mistake of reading some of these responses outloud to my folks.

Hi everyone, new here, looks like a great resource to the avoid the mistakes I'm dealing with now...In late 2008 My father and I purchased a property 50/50 down payment initially(we're both on the title), since then I pay the expenses, he does the labor/managing (I'm overseas).

Buying for the sake of buying is a huge mistake.

That being said, it's important that you learn how to use quickbooks (or whatever software for that matter) so that you can catch mistakes, verify records, or simply do the work yourself when you bookkeeper goes on vacation.One more thing, since our properties have onsite management, we use google docs to coordinate rent collection with the bookkeeper.

It was in the title which is fine. my mistake.