Updated almost 7 years ago on .
When was the last time your Ego burned you?
Hey BP, I just had one of those lunches where you meet an investor and hear his story and are very invigorated to go out and hunt for some more deals. Part of conversation was discussing the importance of relationships and how the human element of this business leads us to mistakes. I was assuming that he was going to tell me about all the contractor miscommunications, conflicts, and frustrations he had gone through. Imagine my surprise when he told me his ego was the thing that cost him the most money. As he tells it, he was super stoked on a property and completely over renovated thinking that he would make this grand cash flow palace....at the end of the expensive renovations he was left with maybe 100 bucks more of cashflow per month than if he had just done some simple remodeling. Great lesson to learn from another investor.
Anyone else have a story about when your ego burned you on renovations or a purchase?