How can we avoid repeating these mistakes?
I´m fortunate enough to be acquainted with a few very wealthy people, and none of them got to where they are by investing their income without a long term plan in place. If they wanted to retire in 20 years time, you can be sure they had a 20 year plan in place. They had a very solid control of their cashflow and stuck to a set of basic investment rules before committing to anything.
 
What are these basic rules? I certainly won´t pretend to know all the secrets, but I do have strong opinions on the types of investments that should be avoided and the types which should be given serious consideration. 
 
Short term investing is for gamblers. Very few people can do this successfully. Purchasing something with a long term view is far more likely to yield profits. Think about where you want to be in 8-10 years time, and invest with that in mind. For example, I think it´s unlikely property prices in Detroit will increase between now and 2020, but well chosen properties in Florida should rise in value substantially. 
 
High quality assets, while very good value at the moment, will still attract a premium. If you want something to generate a long term and reliable income with a minimum of headaches, then be prepared to pay extra for a better location, a larger property, good facilities and a well run management company. The additional cost will pay for itself many times over in the long run.
 
Stay away from gimmicks - the best deals don´t have them. Examples include "guaranteed" rentals (especially if they are over 10%) overly generous payment terms, a new golf course or airport on the way, an Olympic or a World Cup Village etc.
 
Always have an exit strategy. Think very carefully about who can sell to in 8-10 years time. It is far safer to purchase in areas where locals rent and buy, as tourist markets are notoriously fickle and prone to bubbles. This is the main reason I don´t rate Egypt as a safe investment.  
 
Where do you want to be in 2018?
It is the decisions we make now that will determine how wealthy we will be in 2018, not those we make in 3 or 4 years time. All of the products and services Torcana source (see below) are done with long time frames in mind. They all generate an income quickly (usually between 6-12% net), but the biggest benefits come later. If we promote a product to our database, either myself or one of my business partners have bought or are in the process of buying there already.
 
There´s nothing we can do about what happened in 2000-2008, but all options are still on the table regarding 2010-2018 and they are far more exciting than the ones I saw ten years ago.