Yahoo Movies Real Estate Investing Guru Mindy Jensen on the Best and Worst Purchases She Has Made
Everyone gets buyer’s remorse, even financial pros and celebrities. GOBankingRates’ new series explores the purchases these notable figures regret — and the best money they’ve ever spent. Today we’re featuring Mindy Jensen, co-host of the “BiggerPockets Money” podcast, community manager for BiggerPockets.com, a licensed real estate agent and a successful real estate investor.
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My Best Purchases
A tile saw: We do live-in flips and lay a LOT of tile. Buying a $99 tile saw about 17 years ago has allowed us to smoothly cut all types of tile, including stone and glass, to give our rehabs a high-end look without paying high-end prices. We still have the same saw, which has paid for itself over and over and over again across the years. Another great tool purchase is the flooring nailer. We’ve used it less frequently, but it cost $150 to purchase and would have been $125 per week to rent. It was a no-brainer to purchase because I didn’t know how long it would take to install the floor, and I didn’t want to rush through it to try to get the tool back in time.
2010 Mazda 5: 196,000 trouble-free miles and going strong. Purchased brand new, and driven carefully, with all routine maintenance followed. It has been one of the best vehicles we’ve ever owned.
My Worst Purchase
A lake house in Wisconsin. Super high taxes, problematic rehab. It was our seventh live-in flip — so we knew what we were doing — but it was our first pop-top, meaning we took a single-story house and added a second level. It was one disaster after another. We purchased it in the fall of 2006 and the housing market crashed during our renovations — and so did our potential profits. Our $350,000+ profit dwindled to $100,000, and it took more than 18 months to sell.
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This article originally appeared on GOBankingRates.com: Real Estate Investing Guru Mindy Jensen on the Best and Worst Purchases She Has Made
