Do NOT Make These 3 Mistakes If You are a Newbie!
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A successful real estate investor shares his top three mistakes that cost him at least $150,000. The first mistake involved a house he bought in St. Louis, which didn't sell quickly due to the lack of a bathroom on the main floor, resulting in a loss of $25,000. The second mistake involved a property that didn't sell quickly due to several issues that turned off potential buyers, resulting in a loss of $30,000. The third mistake involved over-improving a property beyond what the market demanded, resulting in a loss of around $42,000. The fourth mistake involved a storage facility build that underperformed due to its location, marketing, and management issues, resulting in a loss of $60,000. The fifth mistake involved adding more buildings and outdoor storage to an existing storage facility, resulting in a loss of around $100,000 due to strong winds and lack of proper insurance. The speaker emphasizes the importance of considering the needs and wants of potential buyers, the basic conveniences that potential buyers look for, the practicality of the house, the location, marketing, and management of a property, and the potential risks and challenges of a project before investing in it. The speaker also emphasizes that making mistakes is inevitable in real estate investing, but it's crucial to learn from them and not let them stop you from trying again.
A successful real estate investor shares his top three mistakes that cost him at least $150,000. The