Updated almost 5 years ago on . Most recent reply
You're Worst Mistake
As a young person (18) that's only finding out about REI and investing in general along with how to properly manage money. I would like to ask anyone that's experienced with investing, what's the biggest mistake you've ever made or what was the worst unexpected incident that derailed your plans.
Thank you for everyone that is willing to share. I love learning as much as I can from others' experiences and other people in general.
Most Popular Reply
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
BY FAR, the biggest mistake(s) I’ve made is the 6-12 properties I didn’t buy because they were “$5,000 to much.” Or “need $5,000 worth of repairs and the seller won’t pay for them…” each time I made that decision I lost AT LEAST $200,000 over the next 5-10 years.
It drives me nuts when I see new investors ask how to back out of a deal because the seller won’t pay for a repair. They’ll say with a straight face sure the AC/Furnace works or the roof doesn’t leak yet. But. They’re on their last legs. The seller should spend $10,000 and give me a new one. Like they don’t understand if the listing said new roof/ace/furnace, the price would be $10,000 higher.
If you’re not flipping, and plan to own the property in 10 or preferably 20 years it will not matter if you paid $5k or $10k more (assuming $200k+ properties)