My first investment was a single family rental property I purchased in Adelanto CA. Those of you who are fimiliar with the area properties are pretty cheap even in today's market. Anyways I purchased this property in April 2014 and sold it this year. It was not a very good investment! My first problem was that I did a very poor analyzation. I excluded so may expenditures due to my lack of knowledge in homeownership. Second, rental rates are super low in that particular area so it was hard getting some residual income off the monthly payment. Luckily I got a tenant who had no knowledge of the rental rates and ended up making a little bit of profit a month. BUT the worst thing of all I did wrong was not screen my tenant. The tenant happened to be an old friend of my father and I was too much in a hurry and excited to rent my property out. And last but not least I purchased my rental with a pool. Within a few weeks that pool went from Prestine clear water to swamp green, and the house a complete mess. And of course rent was always late. In conclusion I had a bad experience with my first investment. But I am dying for my next RE investment adventure. I learned a lot from this investment but I will be much more knowledgable and diligent on my next. Can't wait! Cheers!
Super happy to hear that this situation propelled you to improve and achieve higher. Most give up at the sight of first failure. Luckily for you, you realize that the greats always fail but succeed to cover for that ground.
Sounds like you picked up some experience, your next project should be super easy thanks for sharing your story best of luck.
Looks at a majority of very successful people, they failed at one point or another... the difference is that those people learned from their mistakes... good job realizing this, I think you will be fine on your next one! Good Luck!
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