What’s one thing you wish you’d done differently on your last deal?

[Rene Hosman]

What are some things in your last deal or investment you would have done differently? I'd love to hear from some experienced pros what you might have done differently.

I'll go first... my last deal was a BRRR you can hear about on the Rookie Pod. It was my first major renovation and in the spirit of learning and hands on education I tried to do too much myself. I had my incredibly talented handyman, an electrician, a plumber, but otherwise I was over there every day doing drywall, painting, installing flooring. And had I factored in the holding cost versus hiring more professionals who worked a bit faster than myself, I would have saved myself money and time.

[Seth McGathey]

@Rene Hosman basically I found a property that had cosmetic fixes potential but not much else, so not much opportunity to cash out refinance right away. I would have looked for something that I could have forced appreciation with. For example something that I could add a bedroom or another unit, force the appreciation immediately and then take that money to my next deal sooner. 

I might actually still be able to do a bit of that because it has a very large basement that is already split in half. So I have a contractor coming soon to look at it, . If my estimates are right I should be able to put about $40,000 into it and appreciate the value by $40,000. So basically a wash, but allow me to get an extra $900 of straight cashflow.

So really it was and is a great deal. But I think there is always something to look back on and think you can do better.