So now that we're aware of the fundamentals, where do things go wrong for most first-timers?

Allan and John explore both sides of the coin... There are two kinds of mistakes that most first-time investors are prone to falling into. The first kind is to try and make a new, uncomfortable process (investing) as comfortable as possible. The way many people will attempt to do this is to limit the options of what they'll consider based on their feelings rather than logic.

To paraphrase Layne Norton... In finance, just like in science... DATA > FEELINGS

 
They also explore the trap of "Accidental Investing" that upsizers will often fall into without thinking it through... and why this first move into property investing often becomes someone's last move. 

Following that, they explore the extreme end of rookie errors, the kamikaze novice who decides to go balls out and start out as a property developer for their first investment.

Throughout the episode, Allan and John relate some cautionary tales from client experiences to help you avoid the pitfalls of uninformed optimism and the false security of "Comfortable" decision-making.