What's your biggest blunder?
Curious about mistakes you've made and what you learned. Mine as follows:
My first investment was in a really rough area but penciled out well. My realtor convinced me I'd rarely even see the property because we'd hire a manager to deal with it. All section 8.
Gross rents from this 4plex were 2,900 a month. Anxiously awaiting the first check from my manager, and it was 1300. What? Expenses, blah blah.
This went on for a couple months. . Manager charged me for a new kitchen floor. $550. Never thinking I'd check because I was afraid of getting shot, I went there, started knocking on doors and introduced myself to the residents.
The floor was never done, and I was overcharged on what was done because I didn't know how much things should cost.
I fired him, developed a good relationship with my tenants and learned my numbers. Exact cost of carpet, flooring, water heaters, HVAC.
My ignorance of costs, reliance on a manager, and hesitancy to interact w my tenants cost me.
I never let that happen again.
Biggest blunder - not starting in real estate in my 20s.
I spent decades in the medical field, moving from Biomed Engineering to sales and then working my way up the corporate ladder. I devoted way too many years and way too much time away from my family, friends and church while on the road, convinced that I'd eventually make the big bucks.
Year after year, I worked like a machine, helping other people to build their businesses, always thinking that the rewards and recognition I deserved was just around the corner. It wasn't.
Depending on other people for my future was an enormous mistake that will never be repeated.
