It is important to learn and fail as an investor. Steve Rozenberg talks about some of the failures and disasters he made in investing and as an entrepreneur.
There is nothing wrong with failing as long as you learn lessons from it.
And I’ve learned many lessons from my failures. Most importantly, the biggest lesson that I’ve learned about investing is buying the wrong property. I made a lot of wrong acquisitions when I first got involved in this business, and the reason was I didn’t have an end goal. Nobody sat down and asked me why I was buying those properties.
I bought a lot of properties. And even though they were good deals, they weren’t good deals for me. Many people will tell you about buying deals, but not many people will not tell you about how to get money out of those deals over time. To me, the latter is the most important thing: to have a long-term retention of the properties and get the return out of them.
Rent collection should be easy enough: “Mail me a check by the first of the month and I’ll deposit it.”
But what if the check doesn’t show up? That’s time you have to spend calling your tenant, listening to their excuse and waiting extra time to get your money. What if the tenant lies about the check being in the mail? What if the mail carrier misdelivers the check but your tenant is on vacation and can’t send a new one?”
Dallas is a great area and there are a lot of good deals going on. But you have to make sure you are buying the right property, and you are buying what’s right for you.
If you’d like to sit down and talk with me, I’d love to do a one-on-one wealth-building strategy session with you. Give me a call at 214-499-9813 and let’s see how we can help you.