Episode 2 - Project #1 Lessons Learned: The Importance of Market Research
Episode 2 - Project #1: The Importance of Market Research
Introduction
- Importance of learning from mistakes and avoiding common pitfalls in real estate investing.
Losing $30,000 on the First Project
- Maura's personal account of her first real estate project in Pleasant Grove, Alabama.
- Detailed account of mistakes made, including budget overruns, timeline delays, and pricing errors.
- Acknowledgment of failures as crucial learning opportunities in the real estate industry.
- The importance of sharing failures and avoiding the illusion of easy success in real estate.
Lessons Learned and Silver Linings
- I learned a hard lesson about the importance of market research and the impact it could have had on project outcomes.
- Advice for new flippers: find a mentor, shadow them for six months, and learn before jumping in.
- Recognizing silver linings: the beauty of the completed house and the valuable lessons learned.
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