One of the best, if not the best podcast episode yet. There is something so nice to be said about hearing real and raw stories about peoples failures instead of just hearing about success story after success story in real estate. Sets unrealistic expectations for listeners and makes listeners feel bad when things don't go well at the start of the investing journey. More stories like this. There is always more to learn from failure than there is from wins
Sellers lie 95% of the time which is why contracts and the law matter. Everyone acts like it’s investors pulling a fast one but it’s really the homeowners.
That is a riveting story. My two worst experiences in real estate investing ended up being worth it because of what I learned. Thanks for sharing this.
The more you get promoted the less fun you have...That is spot on. You have to have a management mentality rather than a roll up the sleeves and make things happen mindset. Brother I've been there.
So good!! Thanks for sharing your experience! Oftentimes, I feel like the odd gal out because all the big boys had goals of owning hundreds or even more doors, while my goals were much more modest, aiming for just 1-2 doors annually. I recall being in a mastermind session where my counterpart admitted that my 18 doors actually generated more cash flow than his 60 doors. It was an eye-opening moment. This experience served as a valuable reminder that success in real estate investing isn't solely determined by the number of doors one owns. It's about the quality of the properties and the cash flow they generate. I learned that it's essential to focus on finding properties that align with my goals and have the potential to generate consistent cash flow, rather than getting caught up in the numbers game. So, to all those who may feel like they're not playing in the same league as the big players, remember that it's not about the quantity, but the quality of your investments. Stay true to your goals and strategies, and you'll find success on your own terms.
Rob’s bruised butt looked like “a version of a different galaxy” 🤣 Also, you had it right “spill the tea” , but “spilling the Greene tea” will also be acceptable for BP purposes lol
Really seems like a team wasn't used... i.e. Attorneys, CPA's, Property managers , etc. Since this gentleman is military, I'm surprised that he didn't consider it. Especially when he is buying something a little bit complex per his real estate business experience. But he's humble enough to admit the ego of amassing doors vs intelligence gathering. As a real estate broker, it never ceases to amaze me how people will cut financial corners in the transaction process and wind up later like this fellow paying the real price for "bargain corner cutting". Caveat Emptor!
I was stationed in Hawaii at the time. The "cruise" was like a 5-day thing around my island, but it isn't like I would have been any closer to Missouri had I been at my house in Hawaii... Also, I'm pretty sure most of those mistakes were discussed? I should have brought MY PM in right away instead of taking over the existing one and her maintenance man, and I did have a CPA involved. I used my agent.
This sounds horrific, however I love the honesty and brutal truth of what can actually happen. Definitely took notes from this. Thank you for sharing sir.
You get a lot of experience that is absolutely fantastic you sure Bob you get back to where you were before you started and you know that going forward and I learn from your life experience which I appreciate very much
Hi, I live in Italy but looking for investing in the USA. I have 100k cash available. How can I find a trustworthy real estate agent? I don't have the chance to be present anywhere I choose to invest so I need to trust some professionals to do it for me... Any tips?
One of the best, if not the best podcast episode yet. There is something so nice to be said about hearing real and raw stories about peoples failures instead of just hearing about success story after success story in real estate. Sets unrealistic expectations for listeners and makes listeners feel bad when things don't go well at the start of the investing journey. More stories like this. There is always more to learn from failure than there is from wins
Thank you for that Benjamin! Glad to hear this episode hit the mark and will hopefully help some people out!
Sellers lie 95% of the time which is why contracts and the law matter. Everyone acts like it’s investors pulling a fast one but it’s really the homeowners.
Agreed!
That is a riveting story. My two worst experiences in real estate investing ended up being worth it because of what I learned. Thanks for sharing this.
You and I both, glad it was helpful :)
Been waiting for David to get back on the show. Thanks David & Rob
Thanks for that Tonya :) I appreciate you!
The more you get promoted the less fun you have...That is spot on. You have to have a management mentality rather than a roll up the sleeves and make things happen mindset. Brother I've been there.
yep! Definitely less fun, haha
So good!! Thanks for sharing your experience! Oftentimes, I feel like the odd gal out because all the big boys had goals of owning hundreds or even more doors, while my goals were much more modest, aiming for just 1-2 doors annually. I recall being in a mastermind session where my counterpart admitted that my 18 doors actually generated more cash flow than his 60 doors. It was an eye-opening moment.
This experience served as a valuable reminder that success in real estate investing isn't solely determined by the number of doors one owns. It's about the quality of the properties and the cash flow they generate. I learned that it's essential to focus on finding properties that align with my goals and have the potential to generate consistent cash flow, rather than getting caught up in the numbers game.
So, to all those who may feel like they're not playing in the same league as the big players, remember that it's not about the quantity, but the quality of your investments. Stay true to your goals and strategies, and you'll find success on your own terms.
Does anyone know which real estate net worth tracker they were reading off towards the end?
“When the naive meets the cunning in a business deal, it rarely ends in mutual benefit.”
Haha get into the Tea 🍵 I love that change up ❤
Staff Sausage, Great podcast! Thanks for the info!
Gunnery Sausage now :p
Definitely a different tone in this show, but I think sharing these stories can save a lot of people a lot of headaches, pain, and brain damage.
That's the hope!
“When the naive meets the cunning in a business deal, it rarely ends in mutual benefit.”
Finally a real life story. Thanks for sharing.
Glad you found it helpful
My broker always says: buyers are liars and sellers are worse. Lol.
hahahaha
Rob’s bruised butt looked like “a version of a different galaxy” 🤣
Also, you had it right “spill the tea” , but “spilling the Greene tea” will also be acceptable for BP purposes lol
We need to get economic ninja on this show!
Love the lessons. He’s much stronger now!
Agreed!
Wow this is one of the most interesting stories Ive ever heard regarding real estate investing. Sheeesh thank goodness for Jerri 👏🏾👏🏾👏🏾
Agreed, Jerri is the best :)
Closing on a deal of this magnitude should not be immediately followed by a cruise.
LOL! I was thinking the same thing
Really seems like a team wasn't used... i.e. Attorneys, CPA's, Property managers , etc. Since this gentleman is military, I'm surprised that he didn't consider it. Especially when he is buying something a little bit complex per his real estate business experience. But he's humble enough to admit the ego of amassing doors vs intelligence gathering. As a real estate broker, it never ceases to amaze me how people will cut financial corners in the transaction process and wind up later like this fellow paying the real price for "bargain corner cutting". Caveat Emptor!
I was stationed in Hawaii at the time. The "cruise" was like a 5-day thing around my island, but it isn't like I would have been any closer to Missouri had I been at my house in Hawaii... Also, I'm pretty sure most of those mistakes were discussed? I should have brought MY PM in right away instead of taking over the existing one and her maintenance man, and I did have a CPA involved. I used my agent.
This sounds horrific, however I love the honesty and brutal truth of what can actually happen. Definitely took notes from this. Thank you for sharing sir.
Glad it was helpful!
You get a lot of experience that is absolutely fantastic you sure Bob you get back to where you were before you started and you know that going forward and I learn from your life experience which I appreciate very much
Agreed!
Hi, I live in Italy but looking for investing in the USA. I have 100k cash available. How can I find a trustworthy real estate agent? I don't have the chance to be present anywhere I choose to invest so I need to trust some professionals to do it for me... Any tips?
Interview a few of them, trust your gut. A lot of it is just finding someone who lines up with you and your values.
David P. is a badass!
Thanks bro!
Dem Crocs will gitcha!
Note for myself - 8:28 the beginning
yeah, haha
Dude I wish they would just save all the bullshit and just talk about investing
👍🏻👍🏻👍🏻