Episode #153
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.
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Apple Podcasts: https://podcasts.apple.com/us/podcast/on-the-market/id1615086704
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3 Investing Mistakes You Don’t Want To Make In 2023:
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14 Mistakes New Investors Make:
https://www.biggerpockets.com/blog/14-mistakes-new-investors-make-and-ways-to-sidestep-them?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Dave and Our Panel of Expert Guests:
Dave Meyer: https://www.biggerpockets.com/users/davem27?utm_source=youtube&utm_medium=description&utm_campaign=none
Henry Washington: https://www.biggerpockets.com/users/henryw22?utm_source=youtube&utm_medium=description&utm_campaign=none
James Dainard: https://www.biggerpockets.com/users/jdainflips?utm_source=youtube&utm_medium=description&utm_campaign=none
Kathy Fettke: https://www.biggerpockets.com/users/kfettke?utm_source=youtube&utm_medium=description&utm_campaign=none
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Follow Dave and Our Guests on Instagram:
Dave: @thedatadeli or https://www.instagram.com/thedatadeli/
Henry: @thehenrywashington or https://www.instagram.com/thehenrywashington/
James: @jdainflips or https://www.instagram.com/jdainflips/
Kathy: @kathyfettke or https://www.instagram.com/kathyfettke/
BiggerPockets: @biggerpockets or https://www.instagram.com/biggerpockets/
Show notes at: https://www.biggerpockets.com/blog/on-the-market-153?utm_source=youtube&utm_medium=description&utm_campaign=none
00:00 Intro
05:12 NOT Buying Enough in 2023
07:58 NOT Pulling Permits Early
12:37 Forgetting About a Flip
19:46 Forgetting About Taxes
26:36 NOT Firing Your Property Manager
31:57 Connect with the Hosts!
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