Creative Capital Podcast 137: 5 Key Lessons I Learned From Losing $60K

<p><span style="font-weight: 400;">Welcome back to this week's segment of the No Limit Minute for the Creative Capital Podcast. Today’s episode is going to be a bit longer than usual because we are going to talk about some hard and painful lessons that I had learned along the way of getting through an investment. By sharing my experience and my learnings, I hope that I’ll be able to kind of teach you guys these five key lessons from this particular investment. And hopefully, you won’t end up losing the $60,000 like I did. Listen in! </span></p> <p> </p> <p><strong>5 Key Lessons of Buying a Four Plex </strong></p> <ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Lesson 1 - Don’t do it alone</span></li> <ul> <li style="font-weight: 400;" aria-level="2"><span style= "font-weight: 400;">Get a partner </span></li> <li style="font-weight: 400;" aria-level="2"><span style= "font-weight: 400;">Invest with someone with experience </span></li> </ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Lesson 2 - Don’t get a very old house</span></li> <ul> <li style="font-weight: 400;" aria-level="2"><span style= "font-weight: 400;">Problems that came along with the house from a long time ago</span></li> </ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Lesson 3: FHA 203K Loan is a nightmare</span></li> <ul> <li style="font-weight: 400;" aria-level="2"><span style= "font-weight: 400;">Filing so much paperwork for 1 draw </span></li> <li style="font-weight: 400;" aria-level="2"><span style= "font-weight: 400;">Contractor nightmares</span></li> </ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Lesson 4: Figure out what you want in your life before investing </span></li> <ul> <li style="font-weight: 400;" aria-level="2"><span style= "font-weight: 400;">Goals are misaligned with the investments </span></li> </ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Lesson 5: Mak