I copied and pasted the following info from a email I got from Jeff Adams -RE mentor. The idea behind this is by learning from other's mistakes will save us time, money, etc. and we will make less mistakes -Scott
The following 23 mistakes are the most common responses that I received when I asked successful investors to talk about their past.
Read them, study them and don’t forget them. Anybody can receive information, it is the wise man that prospers by it and puts it to use.
“What was the biggest mistake you made when you first started and, looking back, what could you have done to avoid it?”
1) Waiting Too Long to Start Real Estate Investing
2) Not Having a Plan
3) Not Requiring Written Repair Bids – Every Time
4) Not Charging Tenants for Damage
5) Not Screening Tenants for Eviction Risks
6) Paying for Repair or Construction Before 100%
7) Paying Full Price for Late Repair of Construction
Allowing Your Real Estate Business to Run Your Life
9) Over-Improving a Property Bought to Flip or Rent
10) Running Out of Cash
11) Forgetting About Asset Protection
12) Over-Analyzing Property
13) Becoming Friends with Tenants
14) Underinsuring Property and Risk
15) Ignoring Cash Flow
16) Punishing Bad Tenants Without Rewarding Good Ones
17) Permitting Tenants’ Problems to Spoil the
Positives of Real Estate Investment
18) Letting Rent Collections Get Personal
19) Only Looking at Properties When There Is a Problem
20) Missing Out on Special Loan Programs
21) Inability to Sell a Rehab Property or to Rent a
22) Not Thinking of Tenants as Potential Buyers
23) Renting to Relatives
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You can lead a horse to water but you can't force him to accept money.
-One Step Closer