BiggerPockets Real Estate Podcast

Don’t Do What I Did On Your Next Property…w/Craig Curelop

Sep 18, 2024

Craig Curelop, a financial freedom advocate, shares his journey from making costly real estate mistakes to achieving success. He highlights a disastrous out-of-state BRRRR investment that involved contractor scams and unexpected challenges. Craig emphasizes the importance of thorough research and vetting collaborators to prevent losses. He also discusses the value of learning from failures and adapting strategies for future investments, reminding listeners that even tough experiences can lead to valuable insights and, ultimately, financial freedom.

47:11

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Episode guests

Craig Curelop

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Episode notes

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Quick takeaways

Craig Curelop emphasizes the importance of thorough due diligence to avoid financial losses from seemingly good deals in real estate investing.

Selecting the right contractor is crucial, as relying on unverified recommendations can lead to significant financial and emotional stress during renovations.

Adapting to market conditions, especially during unforeseen challenges like the COVID-19 pandemic, is essential for successful real estate investments.

Deep dives

The Role of Mistakes in Learning

Mistakes and failures are inevitable in real estate investing, as they are in any entrepreneurial effort. Engaging in numerous deals makes it likely to encounter setbacks, regardless of having a strong team or solid processes in place. However, these failures often provide invaluable lessons that can propel future success. The experience reveals that entrepreneurs can learn more from failures than from their successes, ultimately turning these situations into stepping stones for improved strategies.

Intro

2min

House Hacking and Hard Lessons

9min

Navigating Real Estate Complexities

5min

Lessons from a Renovation Nightmare

15min

From Struggle to Success: A Journey in Real Estate

5min

Failing Fast in Real Estate Investment

10min

Learning from Mistakes and Adapting to Change in Real Estate Investing

2min

Can your mistakes make you a millionaire? If you’re like Craig Curelop and learn from what went wrong, then yes! Craig is now financially free, with millions of dollars in equity, thousands in monthly cash flow, and a thriving business. But, back when he was starting, he made a few mistakes that cost him a sizable amount of money, took years of time away, and put serious stress on his shoulders while trying to grow his real estate portfolio. Thankfully, you can take his lessons to heart, so YOU don’t have to make them yourself.

Today, we’re talking about one of Craig’s real estate deals that went wrong. What was supposed to be a profitable out-of-state BRRRR (buy rehab rent refinance repeat) investment quickly turned into contractor scams, danger, theft, and even…love. Yes, love is part of it, too. Craig lost a significant sum on this deal, but if you follow his advice, you don’t have to repeat the same mistakes.

Even though this was a property from hell, Craig still kept investing, eventually reaching financial freedom and living his dream life. Something WILL go wrong when you start investing in real estate—just make sure it wasn’t what Craig went through.

In This Episode We Cover:

Real estate investing mistakes that lost Craig money on his first out-of-state investment

Interviewing agents and why it isn’t enough to work with someone based on a good feeling

The easy way to avoid a contractor taking your money WITHOUT doing work

Why a cheap deal doesn’t mean it’s a good deal (be really careful)

Cutting your losses early and when you should give up on a project that’s going south

Why you MUST check references on everyone you work with on a real estate deal

And So Much More!

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