In this week’s episode of the Turning Profit podcast, Heather and I discuss our 25-year journey in real estate investment, sharing some of our stories of success, crazy mishaps, and valuable lessons learned along the way.
We delve into specific experiences such as navigating the Great Recession, dealing with hostile neighbors, and managing a motel venture gone awry.
We also reflect on challenging moments like dealing with abandoned goats, hurricane damage, and bank foreclosures, emphasizing the importance of treating real estate as a business.
If you want to learn more about the ups and downs of real estate investment, this episode is for you.
Key Takeaways:
Introduction (00:00)
25 Years of Real Estate Experience (00:30)
Navigating Real Estate Market Changes (00:52)
Adventures in Property Flipping (01:49)
Challenges with Neighbors and Regulations (02:53)
Lessons from a Bad Investment (12:48)
The Wisconsin Motel Project (19:53)
Discovering the Perfect Place (23:57)
Challenges of Doing Business in California (24:14)
Seasonal Shutdowns and Contractor Issues (24:32)
Unexpected Costs and Financing Decisions (25:04)
Deciding to Sell the Property (26:25)
Marketing and Selling the Property (27:17)
Reflecting on the Losses and Lessons Learned (28:17)
The Dark Days of REO Experience (29:38)
Crazy Situations in Real Estate (30:56)
Tornado Aftermath and Unexpected Challenges (44:39)
Opportunities in Solar and Final Thoughts (47:06)
Additional Resources:
✨ Get all of our recommended tools and services at https://resources.landconquest.com
✨ Follow Pete on Instagram here: https://www.instagram.com/partnerwithpete
✨ Connect with Pete on LinkedIn here: https://www.linkedin.com/in/partnerwithpete/
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Turning Profit is a podcast for people who love real estate, brought to you by Pete and Heather Reese.
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