[Stephen Husted] (0:00 - 1:15)
I broke even on my first investment property out of state, but the knowledge that I learned during that period of time, I would have paid money for it. I ended up selling that house for exactly what I bought it for. I had some tax breaks from having that property and learned a lot from it.
And I learned a lot of things not to do and how to be better with building a team and understanding tenants better and what the situations they're going through. One of the biggest things that I learned on that first property is trust is earned. You don't give trust out to people in the very beginning.
You have to earn it. I'm a trusting person in the beginning. I just want to have people around me that I like, know and trust, and they're going to do their job, but you know what?
It doesn't always work out that way. But that's one of the biggest takeaways from my first investment property out of state. When you do have issues going on at a property, you want to address them really quick and move on.
It's okay to get out of a property if you're not happy anymore. And if it's not working out, you don't need to stay in that investment. You can take your money and move on.
You can take a loss and move on and just take the learning lesson. It's okay because it's all a part of your journey.
