We messed up. Our real estate investing mistakes in 2023 totaled up to hundreds of thousands of dollars, and although On the Market is THE show where expert real estate investors come together, today is proof that we all make mistakes. From forgotten tax bills to landscaping debacles that cost six figures in interest, letting your property manager run your short-term rental into the ground, and forgetting about a house you own—these mistakes are rough.
If you feel like you made severe investing mistakes in 2023, worry not, because on this episode, our expert guests will talk through some of their most painful real estate losses of the past year as entertainment for you to enjoy! Ever forgot that you owned a house that had interest accruing on it? Thought that deal you lost money on was over? Didn’t pull a permit, and now you’re stuck paying six-figure holding costs over some shrubs? You probably haven’t made these mistakes, but our guests have!
Stick around to hear exactly what you SHOULDN’T do in 2024 (and beyond) and how you can turn a terrible situation into a profitable deal…or at least a lesson you don’t repeat.
In This Episode We Cover:
Why you should NEVER wait to pull permits on a flip and how it could cost you six figures
The massive “loan forgiveness tax” you could be forced to pay if your deal goes south
Forgetting about a flip and the downside to scaling your portfolio too fast
Whether or not you missed the best buying opportunity of the past year
Hire slow, fire fast, and signs it’s time to relieve your property manager of their duties
Why you’ll want to become Henry Washington’s next private money lender
And So Much More!
Links from the Show
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On The Market
Join the Future of Real Estate Investing with Fundrise
Connect with Other Investors in the “On The Market” Forums
Subscribe to The “On The Market” YouTube Channel
Dave's BiggerPockets Profile
Dave's Instagram
Henry's BiggerPockets Profile
Henry's Instagram
James' BiggerPockets Profile
James' Instagram
Kathy's BiggerPockets Profile
Kathy's Instagram
3 Investing Mistakes You Don’t Want To Make In 2023
14 Mistakes New Investors Make
Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-154
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