Real Estate Agent · Saint Paul, MN · Member since 2014 · 384 posts · 401 votes
4y
I view this as a mistake, but it may not be very material on paper. It's just something I'm going to pay more attention to in the next transaction. Closing and loan costs were something I glossed over during my first purchase of a duplex. I was so hyperfocused on becoming an investor and landlord that I neglected the proper due diligence to look through the line items and make sure I knew what I was paying for and that the value was there. I also think when you're house hacking you blur the lines a bit between "this is my home" and "this is my rental" and it can be easy to legitimize putting tile backsplash in when it's really not necessary. Stuff adds up :)
Real Estate Agent · Tucson, AZ · Member since 2020 · 103 posts · 64 votes
4y
Hey Brandon! Thanks for this post.
One of my financial mistakes was not considering PMI!!! I failed to consider this fee when calculating my mortgage payment. It ended up working out in the end but as Jeff said I glossed over it and missed it in my due diligence. So the big takeaway is to triple check everything! Even if you're sure about your numbers, run them again. And then have a friend look over them without you there. We have to be 100% confident in our numbers.