"It was my first job out of business school as a managing director and we went on a business trip together. He said to me, 'There's two types of mistakes when it comes to real estate investing. There's "type one" mistakes and there are "type two" mistakes. You can only make so many type two mistakes in your career before your career is over.' A type one mistake is a deal that you should have done, and you didn't. And you can make a million type one mistakes in your career. A type two mistake is a deal you shouldn't have done, and you did."When it comes to any business, mistakes are bound to occur. Human error can be anticipated in life, yet we can minimize them by learning from not only our mistakes, but from others. My guests this week are real estate investment veterans with over 30 years of experience here to reveal major do's & don'ts in this week's episodes. Listen in to learn tips on examining an underwriting process, distinctions between retail and multifamily investing mistakes, and how to remain disciplined and focused when trying to close a deal to avoid mishaps.Key Takeaway:Each person has their own risk vs reward appetite. Being aware of possible issues along the way before they happen can ensure that your big risk don't result in big defeat.How to Contact Spencer and Michael:Website: AdventuresinCRE.ComLinkedIn: @Michael Belasco and @Spencer BurtonAre you REady2Scale?Learn more about growing your wealth, strengthening your portfolio, and scaling to the next level at www.bluelake-capital.com.Production CreditsFeaturing: Ellie PerlmanStrategy: Jeannette RobinsonDigital Editing: Brenna SheltonAudio Editing: WEP (We Edit Podcasts)Special Guests: Spencer Burton and Michael Belasco Learn more about your ad choices. Visit megaphone.fm/adchoices