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So, I just got off the phone with an investor who just lived every new investors greatest fear. He lost a ton of money on a property.
Unfortunately, he ran into a massive amount of problems along the way and unfortunately his newbieness got the best of him. Because he had not fully plugged into a system and process that works, he was faced with countless decisions he didn’t know how to handle. So, I want to share with you some things we learned in going through the deal, that could help you prevent yourself from losing money.
As a real estate investor, you’ll inevitably find yourself managing other people and contractors. For many this is the hardest part of the business. And for many years, I did not understand how one day a contractor could be my best friend and ideal team member and then the next be the biggest pain in the arse. I’ve since discovered a trend I want to share with you. It’s more of a cycle that seems to take place with most contractors. I call this the contractor conundrum.
I am often asked, what’s the secret to making money in real estate?
Many will point to push button solutions or cutting edge ideas. The harsh reality is real estate has been around for a long freakin time. But it’s about time someone actually broke it down to the brain dead simple.
The holidays rock at dealing a heavy portion of joy with a side of stress for many. I love nothing better than seeing the surprise on my wife’s face when she gets that thing I told her sold out cause I procrastinated buying it. She thinks I’m a miracle maker, really I’m just not as bad as a procrastinator as she thinks.
A great man once asked the profound question… “you’ve gotta ask yourself a question: “Do I feel lucky?” Well, do ya?”
Whether your answer is affirmative or negative we as investors are in an incredible place when we stop to think about it. Early in my investing due to a lack of knowledge I ended up in the same spot many uneducated investors end up in. I had made the grave mistake of buying 4 properties without the due diligence necessary to ensure my profit on each property.