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My college major was Aviation Management and one of the lessons I learned that impacted me the most is that a majority of FAA regulations are written in blood. I’m not saying that the regulators used blood as ink, but as aircraft accidents occurred, regulations were later implemented to prevent the same mistake to be reproduced. It seems the same is true in our real estate careers. Unfortunately, the biggest lessons in our investing careers have come from our mistakes.
Personally, I’ve made my share of mistakes, but the biggest one I can remember is trying to save a few bucks on title by going with an inexpensive title company. We’re all trying to cut our costs but there are some places where cheap is not the way to go. I was getting ready to close one of my first deals and it took the title company three days to close it. We went back three days in a row trying to close the deal and this title company could not get it right. I ended up having to pay the seller $500 to keep him in the deal. Lesson learned. I’m glad to pay a few bucks extra to close with someone who knows what they’re doing versus someone who is cheaper.
This month, some of our contributors share some of their tough lessons. Our RESM Contributor of the Month, Glen Mather, shares how some Madoff victims could have saved themselves from being taken for millions in his article “What Type of Investments are you Built For?”. Be sure to catch a replay of his counterpart’s recent webinar – “How to Invest in Real Estate Using Your IRA”.
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