Why you need to do your research before investing

Did I just throw money away?

Well, what happened is I had an investment property under contract and proceeded to do due diligence on it. The numbers look decent enough, good part of town, water views etc. The buying part is usually the fun, exciting part. 

Then I had my lawyers look at it, inspectors to look at the house, and accountant for his views. Obviously all that cost time, and money! And what I thought might be a do-able deal turns out to be an iffy deal at best, dangerous potentially. 

So was the effort wasted?

No!

I learned a few things. For example, WHAT to check first. And I would rather spend a few thousand dollars now to avoid a more serious problem later. 

"For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?" Luke 14:28

Of course, this verse was in the context of discipleship. But the principle remains. Whatever you want to invest in, make sure you understand what you are getting into. If everything checks out, fine. If not, it's never too late to change your mind. 

PS: Highlights the importance of having a great team around you as well.