On The Market

154: 2023 Investing Mistakes That Lost Us Hundreds of Thousands

Oct 30, 2023

Real estate investing mistakes in 2023 cost hundreds of thousands; forgotten tax bills, landscaping debacles, and property manager failures. Expert guests share painful losses for entertainment. Learn what NOT to do in 2024, like waiting to pull permits and scaling too fast. Potential consequences of losing good reviews and bookings for short-term rentals. Importance of learning from past losses and dealing with tax implications. Personal experiences with financial losses and gratitude to the production team and sponsors.

36:00

Creator website

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Not pulling permits on a flip can cost you six figures in holding costs.

Buying properties based solely on online appearances without thorough appraisals can be risky.

Deep dives

Importance of Multifamily Syndications in Real Estate Investing

Multifamily syndications have become a popular way for investors to pool their capital and invest in larger real estate deals. BAM Capital is a reputable partner specializing in institutional-quality apartments in the Midwest, offering consistent rent growth and appreciation potential. With a focus on delivering cash flow stability, capital preservation, long-term appreciation, and accelerated tax benefits, BAM Capital aims to provide investors with a targeted 15-20% IRR in a 3-5 year investment period.

Introduction

3min

Mistakes in 2023 Real Estate Investing

5min

Real Estate Marketplace, Property Finding App, and Capital Provider

4min

Investment Mistakes and Missed Opportunities

7min

Learning from Investing Mistakes

16min

The Consequences of Losing Good Reviews and Bookings

4min

Discussing Potential Outcomes and Personal Experiences

3min

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

Find an Agent

Find a Lender

BiggerPockets Forums