An $11,225 invoice – Ouch. Big avoidable mistake
An $11,225 invoice – Ouch. Big avoidable mistake

“Ouch!” was all he could really say when the final $11,225 invoice showed-up

He really wanted to invest in larger multi-family properties, he already had success in the Single Family investing world, so, really, how hard could it be.  A few tweaks here, a couple of larger numbers there.  In fact, ‘they” say it is actually easier to finance and find cash flow so might as well jump right in. 

Sadly, what he didn’t know was; in the world of multi-family investing there are some very, very important, yet subtle, tips, tricks and strategies that are not obvious but which, if ignored, can lead to very costly mistakes.  And by not knowing and not implementing just one of these ended up costing him a surprise $11,225.  A giant bill that would have easily been avoided if he had just taken 1 day to tap into the knowledge of some veteran investors. 

Sure he was invited to do just that, but he justified it with “I don’t have time for that and why would I bother, I’m already a successful investor.”   Little did he know at the time, how much this simple justification would end up costing him.    

The Story That Repeats and Repeats

The above story is not the only time I have heard of this sad occurrence. In fact, over the last 22+ years, this seems to be one of the most common themes behind the biggest mistakes. CONFESSION: I’ve made this same mistake myself over the years. I didn’t take the time to make sure I knew the nuances of something before diving in blindly.

Isaac Asimov put this costly lesson quite well:

“Your assumptions are your windows on the world. Scrub them off every once in a while, or the light won’t come in.”

And that is why I am posting this notice –so you can ‘scrub your windows’ and avoid the multi-family investing mistakes many, many have made before you.

I have often heard from investors, especially veterans when it comes to multi-family investingTHERE IS VERY LITTLE MARGIN FOR ERROR!

They don’t say this to scare people. They don’t share this fact just to tell a good story or get attention. In fact, it is the exact opposite.  These veteran investors want others to avoid the mistakes they made when they ‘Assumed’ they knew it all, or didn’t make the time to get serious.  

When I speak with them, they all agree that they wished they knew the shortcuts to doing HOMEWORK on buildings thoroughly without wasting time.  They also admit that the mistakes they made were costly, but also avoidable if they had just taken a few minutes (and pushed their assumptions aside) to ask someone who was already well versed in multi-family investing.  In fact, when they look back, many sheepishly admit to being embarrassed at how simple and obvious the mistake was, in hindsight.

But what I always leave these conversations with is an increased knowledge, and increased patience and an increased awareness that there are tricks, strategies and tips that veteran investors are very willing to share. (and, in fact, wish someone would have shared with them.)

Let’s be very real here: You’re busy, they are busy but all of us agree – assumptions can and often will financially drain us before we even get part way to our financial goal. And even in this busy, busy world we know that 1 day of time invested in discovering what we don’t know saves us from our assumptions, which in turn saves us from costly errors. And the absolute mathematical fact is, given the dollar figures involved in Multi-Family investing, just ONE tip can easily save Tens of thousands of dollars (no exaggeration) when buying, operating or selling.

So just imagine the impact of one full day will be whether you are thinking of investing in a 5-plex, a 24 unit apartment building or something even larger.

Are there great excuses for not attending? I am sure you can come up with many – we’re all very good at that. However, remember this is your day, this is your time and this is a unique opportunity to tap into the collective knowledge of those who have been on the multi-family path for years and know it like the back of their hand. Let them be you GPS to multi-family success, they have found the time to give back – there must be a way to push justifications aside and find a way to to accelerate your long term success.  I’ll be there right along side of you, because I know for a fact, given the incredible faculty (here’s the full agenda and Faculty) who will be teaching, that I too will be saving thousands of dollars on my next purchase just by absorbing their knowledge.

Grab one of the few remaining seats (if there are any left) for you and your guest here: click here now to REGISTER. Or call the office at 1-888-824-7346

By the way, if you are a REIN™ Member, it is important to note that your tuition is covered if you pre-register. That means you attend for no charge.

Hope to see you there!

An $11,225 invoice – Ouch. Big avoidable mistake was last modified: May 30th, 2014 by Don R. Campbell
 

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