My Worst Investment Ever Podcast Mark Fidelman – Seek Advice to Avoid Real Estate Mistakes
BIO: Mark was a columnist for Forbes for four years and is the author of the book SOCIALIZED!
STORY: Mark started investing in real estate on the west coast of Florida when the market was up, but he didn’t heed to signs of a downturn and ended up making huge losses in 2008 when the financial crisis hit.
LEARNING: Know your market and remember that the market doesn’t always go up. Make sure you apply the experience you acquire.
“Group knowledge is power.”
Mark Fidelman
Guest profile
Mark Fidelman has been named a 2017 Top 20 influencer of CMOs by Forbes Magazine, a Top 25 Social Media Keynote Speaker by Inc Magazine, and a Huffington Post Top 50 Most Social CEO. Mark was a columnist for Forbes for four years and is the author of the book SOCIALIZED! He also hosts a popular marketing YouTube channel.
Worst investment ever
In 2005, US real estate was booming. A couple of states, California in particular, were increasing in value tremendously. So Mark decided that because California was too expensive, he’d try the west coast of Florida, in Naples, Tampa, or St. Petersburg. He started investing there, and his investments were doing well.
The stroke of luck made Mark cocky, and he started thinking he was the greatest investor ever because no matter what he touched, it turned around, and he made a ton of money. And so, even with warning signs in 2007 that the market was going to change, Mark continued to plow ahead, thinking he’d figure out a way out of it. The market overturned in 2008, and Mark’s project turned into a loss.
Lessons learned
- Know your market.
- Make sure your spouse or your business partners are on board with your investment idea.
- If you’re going into investments in real estate, join a real estate mastermind group.
Andrew’s takeaways
- Remember that the market doesn’t always go up.
- Experience is valuable, so as you gather that it, make sure you’re applying it.
- You don’t get rewarded for not knowing the macro.
Actionable advice
Gather an advisory board made up of a group of people that know the particular field you want to invest in. Gather all the input from this board and then make a decision.
No. 1 goal for the next 12 months
Mark’s goal for the next 12 months is to prepare for a high inflationary environment.
Parting words
“Be vigilant, overanalyze things, take risks, but make sure you mitigate those risks as best you can.”
Mark Fidelman
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Connect with Mark Fidelman
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points