1. Rushing to buy. In 2004, I called myself a full-time real estate investor yet I had never owned any real estate. With my hard-earned money burning a hole in my pocket, I bid sight unseen on a 5-unit property in inner-city Philadelphia because the flier at an auction showed a pro forma capitalization rate of 17 percent. That was a costly mistake and a valuable learning experience. I recklessly bought the property with no due diligence because I felt the … (6 comments)
flip: Should I flip, or buy and hold?
- 05/25/19 06:35 AM
So many people ponder whether they should flip houses, or buy and rent out houses. We will examine the pros and cons of each strategy later in this article. Before deciding between those two distinct strategies, there are three questions to consider first:
Why do I want to invest in real estate? What skills and resources do I have? What kind of experience am I looking to create? Why do you want to invest in real estate?
John D. Rockefeller, the world’s first billionaire, famously stated, “If your only goal is to become rich, you will never achieve it.” A common trait … (3 comments)
These are all mistakes that I have made, so I’m not pointing fingers. I urge you to learn from my mistakes.
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