Looking back on my real estate journey, there’s one colossal mistake I wish I hadn’t made. It cost me time, money, and a whole lot of stress. I’m sharing this now because if you’re in real estate—or thinking about getting in—you need to avoid the same pitfall. Trust me, it’s one you don’t want to learn the hard way.
My Real Estate Ride: 2009–2020
From 2009 to 2020, life in real estate felt almost too easy. The market was rising, and it seemed like every project I touched turned to gold. Annual returns of 15–20%? No problem. If you weren’t hitting those numbers, it felt like you were doing something wrong.
I was riding high, thinking I had cracked the real estate code. But looking back, I realize that it wasn’t me. It was the market. Interest rates were low, demand was high, and it was hard not to succeed. I thought I was a real estate genius, but in reality, I was just in the right place at the right time.
Then Came 2022…
Things changed after 2022. Interest rates climbed, and the post-pandemic economy hit sectors like offices, retail spaces, and hotels hard. Suddenly, those foolproof projects weren’t so foolproof anymore. Cash flow was drying up, and I found myself scrambling to keep things afloat.
This is where my biggest mistake came into play—and it wasn’t about choosing the wrong property or overextending myself financially. No, it was something much more basic but equally damaging.
The Mistake That Cost Me Big Time
It all started with a short-term rental property—eight cozy cabins, each with its own website. The website was already doing well, with great reviews and direct booking functionality. You’d think I would’ve made it a priority to keep that asset alive and thriving, right?
Wrong.
As I changed property management teams—four times in total—somehow, in the shuffle, the website got forgotten. I didn’t keep track of the login details, and eventually, we lost access entirely. What was once a thriving marketing tool was now gone, and we had to start from scratch. A goldmine wasted, all because I didn’t pay attention to the details.
More Oversights: TV Remotes, Passwords, and Costly Lessons
That wasn’t the only time I got burned by neglecting the details. Another property—this time a 40-room hotel—ended up half-finished for over two years due to pandemic delays. When the rooms were finally ready, we discovered that half the TV remotes were missing. We had TVs, but no way for guests to use them!
Then there were the electronic locks on my short-term rentals. Each lock had a master code, and the codes got lost in the shuffle as we switched management teams. Suddenly, we had doors we couldn’t unlock and no way to fix it without going back to the manufacturer.
These might seem like small issues, but they added up to massive headaches and lost revenue. I’d failed to keep a tight grip on the small details, and it was costing me dearly.
The Reality Check
In 2024, the real estate game isn’t about riding market waves anymore. The days of easy money are over. Now, it’s about survival, and the key to surviving is being hands-on with your properties. You can’t afford to sit back and let others handle everything for you. You need to be involved, know what’s going on, and most importantly, keep track of all the details—no matter how small.
Cash Flow is King
If there’s one thing I’ve learned, it’s that cash flow is everything. Forget about skyrocketing property values and huge returns. The real question now is: can this property pay for itself? Can it cover its mortgage, taxes, and maintenance? If the answer is no, then walk away. If yes, you’ve got a winner, but you still need to stay on top of things to make it work.
Lessons Learned (The Hard Way)
- Don’t Ignore Digital Assets: That forgotten website? It could’ve been bringing in bookings and boosting revenue, but I lost it because I wasn’t paying attention.
- Track Everything: From TV remotes to lock codes, every small detail matters. Don’t assume someone else is keeping track for you.
- Hands-On Management is Key: You can’t afford to be a passive owner anymore. Whether it’s managing cash flow or overseeing renovations, being directly involved is crucial.
- Stay Nimble: Real estate is a long game, but the market can shift overnight. Be ready to adapt your strategy at a moment’s notice.
Conclusion: Don’t Make My Mistake
In the world of real estate, success comes down to more than just making the right purchase. It’s about managing every aspect of the property, from the website to the locks on the doors. Take it from someone who learned the hard way: don’t let the details slip through the cracks. It could cost you more than you realize.
If you’re serious about real estate, get serious about the small stuff. It’s what separates the successful investors from those who struggle. I made the mistake of letting things slide, but you don’t have to.
Learn from my worst mistake—and make sure it’s not yours.
