Everyone gets shopping remorse, even financial pros and celebrities. The new series from GOBankingRates examines the purchases these remarkable figures regret – and the best money they’ve ever spent. Today we introduce Mindy Jensen, co-host of the BiggerPockets Money podcast, community manager for BiggerPockets.com, licensed real estate agent and successful real estate investor.
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My Best Purchases
A tile saw: We’re doing live-in flips and laying a lot of tiles. 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 quality look without paying high prices. We still have the same saw that has paid for itself over and over again over the years. Another great tool purchase is the floor nailer. We used it less often, but it was $150 to buy and $125 a week to rent. It was a no-brainer to buy because I didn’t know how long it would take to install the floor and I didn’t want to rush it to try and get the tool back in time.
2010 Mazda5: 196,000 trouble free miles and runs strong. Bought brand new and driven carefully with all routine maintenance done. It was one of the best vehicles we have 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-up roof, meaning we took a one-story house and added a second level. It was one disaster after another. We bought it in the fall of 2006 and the housing market collapsed during our renovations – and with it our potential profits. Our profit of over $350,000 shrank to $100,000 and the sale took more than 18 months.
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