- Joined
- Mar 12, 2008
- Messages
- 736
Hi everyone,
I thought I would start a thread and make the statement that we always seem to hear in life.
I wish I knew what I know now?
For instance when we first starting buying properties I made my share of mistakes. I want to know what yours where. What did you do back then that you are NOT doing now?
For me, I was too excited to the deals done that I skipped over some very important details and asking the right questions. As an example we purchased a RTO property that had a GREAT return and I forgot to think of where the property was located and how well was the tenant screened. We bought in a very rural town in Ontario and of course within 4 months the RTO deal went side ways, took us months to evict and when we did we where faced with a 24k clean up job. ouch!
This could all been adverted if we took the time to slow down and ask the questions we are asking today.
We learned that in a RTO deal a good paying tenant is your best asset. We are no longer buying in communities smaller that 15k. and the criteria grows everyday.
What is your story? What are doing differently today? What would you like other investors to learn about your mistake(s)? What have you changed?
I thought I would start a thread and make the statement that we always seem to hear in life.
I wish I knew what I know now?
For instance when we first starting buying properties I made my share of mistakes. I want to know what yours where. What did you do back then that you are NOT doing now?
For me, I was too excited to the deals done that I skipped over some very important details and asking the right questions. As an example we purchased a RTO property that had a GREAT return and I forgot to think of where the property was located and how well was the tenant screened. We bought in a very rural town in Ontario and of course within 4 months the RTO deal went side ways, took us months to evict and when we did we where faced with a 24k clean up job. ouch!
This could all been adverted if we took the time to slow down and ask the questions we are asking today.
We learned that in a RTO deal a good paying tenant is your best asset. We are no longer buying in communities smaller that 15k. and the criteria grows everyday.
What is your story? What are doing differently today? What would you like other investors to learn about your mistake(s)? What have you changed?