Biggest Mistake in Real Estate

[Ethan Hanes]

Hey all, 

I was bored and wanted to ask everyone here what their biggest mistake was in real estate to this day. Something that you will never forget as your biggest screw up.

I haven’t had enough experience to have an answer to this question, but I want to learn from other people’s mistakes so that I don’t make the same ones! 

Appreciate it.

Ethan Hanes

[Jeff Copeland]

Honestly, I think the biggest mistake new investors make is analysis paralysis. Time is your best friend in best friend in real estate, so there is a very real cost to doing nothing (aka "waiting"). 

And a corollary to that is thinking everything is going to go exactly to plan, and freaking out or giving up when it doesn't. It never will. Your numbers and projections will never be 100% accurate, and there will always be unexpected issues and problems. 

Real estate (in the sense of owning and holding real estate long term for real equity accumulation and generational wealth) is a get rich slow scheme, so you have to be in it for the long haul, be prepared to roll with the punches, pivot, and have multiple exit strategies, and realize that a single eviction or repair is not the end of the world. One the contrary: it's a normal, expected, everyday part of being a landlord. 

Keep your eye on the prize.