--68.10.xxx.x

I've had some crazy ones but they've all ended up being important mistakes. I made a snafu of a mistake last year that is still playing out. Time will tell. --50.32.xxx.xxx

I should have done more purchasing in the last down market. --108.51.xxx.xxx

My big mistake was selling A home to have the funds to buy two homes. I should have pulled money out of home 1 and then bought another property. My first home would have still had the lower property tax base. --47.156.xx.xx

I was cheated by the tenants and screwed by the program administers. I lost money for 2 years that I could have used to buy a 2nd property. --108.87.xx.xxx

BRAD --68.50.xxx.xxx

BRAD --68.50.xxx.xxx

Also thinking more bedrooms equated to more profit. We lost thousands and thousands on our larger homes. Got rid of them and now we stick with tiny homes. --50.82.xxx.xx

--98.122.x.xx

--184.53.x.xxx

A close second, doing the work myself. I'm always wrestling with it. --174.234.xxx.xxx

Not starting soon enough. --66.188.xx.xxx

I will put on the top of the list - not going to meetings to learn as much as possible, even learning late is better than not learning at all. I have been a speaker at my local landlord group a few times and there is always someone present who is amazed that you should follow the court timing on eviction - she/he said they would pay on Friday and it never comes thru, just recently here I read the best way to describe this -once they are behind they never catch up- this is very true. --76.188.xxx.xx

Believing a plumber when he said the toilet was too old and he couldn't get parts anymore. He pulled that a few times and then I realized the one at home is from 1948 and I can get parts for it. --73.178.xxx.xx

And market home value? the old is now worth around $450,000 and the new one $650,000. --99.59.x.xxx

Selling my first house.... --161.226.xxx.xxx

Biggest mistake? Underpricing the rent of our first rental. We had a tiny 3 bed/ 1 bath that we could not sell in 1984 in Tacoma. We based our rent on our mortgage payment -- not on the market rent. Not only did we underprice the rent, but (due to low rent) then we then undervalued the asset. This house was seen as a burden we could not unload, not as a money making asset. If we had been collecting the correct rent, we would have never sold this house, although we did make a bundle on appreciation when we finally sold. --98.146.xxx.xxx

I wanted to buy a house in our track 10 houses away for $55K. Today it is worth $825K. Every time I drive by I kick myself. --97.33.xxx.xxx

Probably taking partners in investments. Did it so I could afford the transaction easier. We all had different ideas on how to proceed. Needless to say, it didn't work. We were lucky enough to sell quick, only suffer a small loss and still remain friends. Since then, I don't take partners. If I can't afford it without one, I look for a different deal. --98.175.xxx.xxx

I had partners in a few early purchased homes, when I really had no money, and none of those partnerships is alive today. --99.59.x.xxx

I agree with Fred. Silent partners are best. Too many cooks in the kitchen doesn't work. --172.56.xx.xxx

fred and GKARL - I agree. I haven't taken a partner since and wouldn't. Been offered a couple times, but I always have politely declined. I'm not even sure I would want a silent partner. They don't tend to stay silent for long. --98.175.xxx.xxx

Not following our gut on a prospective tenant. Had one last year that we let our guard down on. They had issues in the past, but the husband had cancer and we thought we should give them a break and rent to them, since they were practically homeless (foreclosure). Biggest mistake we ever made. They quit paying after two months and it took 2-3 to get them out (the Holidays). Meantime, husband dies of his cancer. Cost us $1,500 (most we could get as an LLC) and they almost let the pipes freeze while they were still there. Had to fill propane tank ourselves to keep it from happening. Hate to be hard-hearted, but we will never do that again. If we have someone apply with a sad tale, we will tell them we can't do it, and they will have to go to some agency for "help". --75.103.xxx.xx

Biggest mistake is not researching current rental prices therefore starting too low. Also adjusting price to fit renters income in the beginning. --173.26.xx.xxx

I second the biggest mistake having been trusting contractors. The stories I could tell about contractor fraud and the costs would exceed $40k. I try to be on site with all specialty contractors. I ask questions and get a clear scope of work no matter how big or small the project. Lots of churn among contractors chasing money. I have a maintenance tech for day-to-day tasks and even after 3 years discovered they were taking my tools and equipment from the work shed home to use on their own property after hours without permission. They returned them so in their mind it's not theft. Good techs and contractors are VERY hard to find. When I do the work myself I know I'm not getting cheated but it does have costs. If I show up on site, I reduce the odds that they will try to take advantage of the situation but I can't tell you how many cut corners, take supplies, exaggerate hours,.. very frustrating. --24.111.xx.xxx

At the time my spouse and I jumped into real estate we were very enthusiastic but super green investors. We went to seminars, read books, listened to tapes and trusted so-called experts (international gurus, real estate brokers, supposedly well connected resources, and a friend in the mortgage industry). What a unbelievable disaster!!!!!!!!!!!!!!!!!! In hind-sight, our biggest lesson was about contracts. Too many BIG mistakes to describe here. I plan to write a book about it one day. On a positive note, we learned a lot about our own abilities to dig deep, overcome adversity and find creative solutions to address MAJOR issues. We also learned, despite being the brunt end of many jokes, there are some really amazing real estate lawyers out there. --69.119.xx.xx

Where would Jobs be without Wozniak...Hewlet without Packer...Gates without Allen...Smith without Wesson!!!! --73.84.xxx.xx

Hi! A year before I decided to get into this - I was helping a friend, taking her around to look for apartments. One was in a 4-plex in a decent neighborhood. The owner actually told me he was looking to move on and asked me if I was interested in buying - four 2b/1ba units, two 2-car garages, $75k and he would be happy to finance. Still to this day I'm kicking myself for declining! Those 4-plexes are worth over $300k today (20 years later) and those units rent for $800 each. A year later I bought my first place for $40k and rented it out for $750, but I still think about how much further ahead I'd be if I'd bought that 4-plex and lived in one for a few years (was still single at the time). --170.212.x.xx

not treating the tenants as the loyal opposition at all times. get them in the habit of knowing the contract is the king. also learned the hard way that leases protect ONLY renters. now, all tenancies are month to month --24.25.xxx.xxx

Lesson Learned is that you must meet in person all applicants. If they cannot meet with you, do not process the applications. Why they cannot meet you in person is not your problem. Meeting all applicants in person should be part of your screening process. --170.228.xx.xx