You can plan out an investment, pore over a spreadsheet for hours trying to calculate risk and return precisely, and talk to experts about what could go wrong. Due diligence is important.
And yet sometimes the best way to learn all of the ins and outs of a project is to just move forward, learn from what happens and the mistakes you make, and reinvest that knowledge into your next project.
In June 2021, Selenid and I bought our third real estate investment property. It is now about seven months later as I write this. And let me tell you, we gained some tough real estate lessons learned from this property. But like all hard lessons, we are better off from learning them.
We were very eager to get this property based on our estimates. Our agents also relayed to us that the seller would not sell with an inspection contingency, which is something we generally include in our offers as a rule.
Upon taking over the property, there has been a myriad of issues that had to be dealt with:– Leaking bathtub in 1 unit– Rat infestation in basement– Broken plumbing– Tons of broken cabinets, molding, doors, etc. throughout 2 units
I certainly don’t think they did anything malicious.But there is definitely an unconscious bias involved when the same agent is representing the buyers and the sellers.