298: How Tony Lost $100K on ONE Real Estate Deal (AVOID These Critical Mistakes)

Jun 24, 2023

49:01

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Losing $100K on one real estate deal!? Is there any coming back from that kind of loss? Unfortunately, real estate investing is not always sunshine and rainbows. Every successful investor has had their fair share of failures. By learning from some of our mistakes, our hope is that new investors won’t have to make them!

Welcome back to another episode of the Real Estate Rookie podcast. Today, Ashley interviews Tony about one of his most recent deals that went south. Ultimately, Tony ended up losing a whopping $100K on the deal. This kind of loss would cause many people to throw in the towel and quit their real estate journeys. Instead, Tony ate the loss, learned some important lessons, and got back up on his horse.

If you’re afraid of losing money on a real estate deal, allow Tony’s mental fortitude to encourage and inspire you to keep going! In this episode, he shares a handful of invaluable lessons—including why it’s so important to manage the timeline of a deal, why you should always take a pre-approval with a grain of salt, and how diversifying investments across different markets can help lower your risk!

In This Episode We Cover

Finding your real estate niche and building a strong financial foundation

Managing the closing timeline (and saving a fortune in holding costs!)

The importance of purchase agreements and earnest money deposits

The subjectivity of appraisals (and when you should challenge them)

Why you should NEVER treat a pre-approval as gospel

What you should know before becoming a private money lender

And So Much More!

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