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Landlording on AutoPilot, 2nd Edition by Mike Butler

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CHAPTER 22Biggest Mistakes of Investors

Before we categorize the biggest mistakes of investors, let's start off with the Big Three Fatal Mistakes:

  1. CASH FLOW: No system to keep their finger on the pulse of their business.
  2. PROPERTY MANAGEMENT: No system, at most using spreadsheets.
  3. BAD ADVICE: Especially from poor people and wannabe experts.

Now, let's see if we can categorize these mistakes. Here is some general stuff:

Bullwinkle Syndrome A person with a know-it-all attitude. When my daughters were young, my sister called our home, my daughter answered and screamed to my wife, “Mom, It's Aunt Bullwinkle!” (oops, the cat flew out of the bag at that point). Why is she a “Bullwinkle”? Because she is THE Expert on anything. Just ask her.

Super Extremist TIGHTWAD Too cheap to invest in yourself. There is no free lunch with super-successful investors. Of course, you must live below your means, but if you are busting your butt, working your gazongas off, I hope you will reward yourself and your family with the good things you always dream about. Some investors are so damn tight, they don't pinch pennies with their hind end; all you barely see are sparks from those pennies they won't let go of. You must invest in yourself, in education, training, coaching, mentoring, health, and systems and tools, allowing you to Work Smarter, Not Harder. Most the super-extremist hardcore tightwads who I know seem to never be satisfied or happy. They just want more for free.

If You Pay Peanuts, You Get ...

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