You Can’t Plan for a 1,000-Year Flood with Jason Bible
Background: Jason Bible
- AKA Mr. Texas Real Estate
- Full-time real estate investor thriving in working with property buyers and sellers
- Co-host of live call-in Right Path Real Estate radio show on Houston, Texas
- Managing partner and chief operating officer at HoustonHouseBuyers.com
- Undergraduate degree in environmental science from Sam Houston State University
- Worked for the University of Texas Health Science Center
- Has an MBA in finance and an MS in security management
- Lives in Houston, Texas with his wife and two sons, and is a craft-beer enthusiast
Jason’s worst investment ever
- House in smart part of Houston refurbished for flipping valued at US$1m
- Hurricane Harvey drenches city for many days
- Project house flooded out and ruined
- Saying goodbye to US$250k was heartbreaking
Jason’s takeaways
- Traits essential for investing in real estate
- If you’re risk-averse, don’t do it
- Don’t apply the emotion of home ownership to your investment portfolio
- You’ve got to take action
- At some point, you have all the necessary information, so just go and do the deal.
- Sometimes there is nothing you can do to prevent a huge loss
My takeaways
- You can’t plan for everything
- Don’t overcompensate after tragic events
Actionable advice
- Make sure you have flood insurance
- “Time heals all wounds”
- Take action, fix your flip and tenants in them
My Worst Investment Ever six main categories of mistakes:
- Failed to do their own research
- Failed to properly assess and manage risk
- Were driven by emotion or flawed thinking
- Misplaced trust
- Failed to monitor their investment
- Invested in a start-up company
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DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article.