Nine things to avoid while investing...........

During the time of this blog's infancy, I posted my 33 Guides for
Investing in Real Estate.  One of these days that list will receive
an update.  So, it was with great interest then that I read Richard
Green's recent post about "nine abuses common in pro forma
cash flow projections."  This list, which may come under
the heading of "wishful thinking" as much as "abuse," is pretty
much right on.  We have made a few of these mistakes ourselves. 
Thanks Richard.   The list:

Over-inflated expected income
Under-inflate expected expenses
An assumption that tenants will always pay expenses
Failure to examine individual leases
Underestimation of vacancy and collection losses
Forgetting that tenant improvements and lease
        brokerage fees are real expenses
Going-out cap rates that are lower than the going-in
        cap rates
Ignoring sales expenses
Understating the discount rate.