What do you know now, that you wished you knew then??

What do you know now, that you wished you knew then??

Maspeth, NY · Member since 2016 · 75 posts · 62 votes

This question is to everyone and anyone pertaining to real estate investing... 

What do you know now, that you wished you knew then?

0Reply
26 views

2 Replies

Jump to latestLatest
  • Investor · North Charleston, SC · Member since 2017 · 277 posts · 91 votes
    9y

    I'll start it off.  There are many many errors that can be learned from and avoided on BP so read and listen to all the podcasts.

    For the Buy and Hold Investor:   Buy for cash flow NOT Appreciation!   My Biggest error!

    Cheers, Buddy

  • Real Estate Investor · Encinitas, CA · Member since 2016 · 3k+ posts · 3k+ votes
    9y

    @Jon B. This one is a little out-of-the-box but growing up my family had a few SFR rentals. What always surprised me (then) is how badly the tenants would treat the property. How did the hole end up in the wall? Why is the grass 12 inches long? What's this weird stuff stuck to the stove? Is it even food? It was a night-and-day difference from the way that I grew up. What I learned from that (and what I know now) is to hope that they take care of the property the way that I would but plan (and BUDGET!) for tenants not to. Overestimate maintenance costs, cap-ex holdbacks, needed reserves, etc. and you won't end up having a heart attack when one of those challenging tenants passes your screening process.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.