Learn from your mistakes - Posted by Jeremy FL

Posted by Matt on January 23, 2001 at 16:58:33:

What would you have done differently on the rehab? And what things have you done that have worked for you? I am just wondering, because I am still gathering info on REI and any useful experiences really help me out. I find they are where I have been learning the most–from people who have done it and share their knowledge as to what they did right and what they wouldnt do nex time. Anyway, any help you can provide is greatly appreciated. Someday soon I hope to post a success story. Thanks.

Learn from your mistakes - Posted by Jeremy FL

Posted by Jeremy FL on January 23, 2001 at 10:17:24:

I’m not sure this post is appropriate for this board, but I think it would be very useful for everyone to post some mistakes or things you wish you had done differently in your investing. I am not writing this to be a negative post. I just find that I have learned the most from the mistakes I have made. Some mistakes can’t be avoided but for the most part I have gained most of my knowledge through them.

Well here is an example of some of my mistakes: My biggest mistake was over-analyzing properties. I always felt like if I wouldn’t live there nobody would want to. Plus, I always felt like if they accept my first offer that I missed something or they must have more room to negotiate. Well as most of you know this is a great way to waste your time and never buy a property.(At least in sellers market) I have lost so many properties this way and kicked myself so many times. I have since then developed a system for evaluating properties and what price I need to get them at regardless of what they are asking or what area they are in.(I now rely on the comps) I now can usually make an offer in about 30 minutes, after recieving the address. Although, this took me losing out on some real, real good deals to figure this out.

Also my first re-hab was more of a learning experience than anything else. I did everything wrong but I won’t go into that one.

This is a pretty general example but I’m hoping this might get things rolling.

Re: Learn from your mistakes - Posted by ChrisG(OH)

Posted by ChrisG(OH) on January 23, 2001 at 21:14:42:

Could you share the method you use to analyze properties?