Nightmare On REI Street. $200k Loss and Scams - Episode 16

Oct 31, 2024

Tanner Litchfield, a real estate investor, shares his harrowing tale of a $200,000 loss due to a deceptive property deal. He reveals the emotional turmoil of dealing with an untrustworthy home seller and the lack of support from legal advisors. Tanner exposes the risky allure of creative finance and wholesaling, cautioning listeners about the unregulated ‘Wild West’ of real estate. His story is a compelling reminder of the need for due diligence and cautious partnerships in the off-market investing world.

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Intro

00:00 • 3min

Navigating New Markets and the Allure of Creative Financing

03:15 • 3min

Navigating the Risks of Real Estate Wholesaling

06:24 • 3min

Navigating Real Estate Strategies and Renovation Pitfalls

09:33 • 3min

Navigating Real Estate Challenges

12:18 • 19min

Navigating Financial Turmoil

30:48 • 8min

Navigating Risks in Sub Two Real Estate

38:50 • 7min

Can’t make a deal work? Just do sub-to! Or maybe, sub-don’t. In today’s show, guest Tanner Litchfield gets raw and transparent about the deal he bought that lost him $200,000 he was helpless to stop. From an alcoholic home seller who stole his money to a RE attorneys that offered absolutely no help, Tanner’s story will both horrify and fascinate you. Tanner shares what he felt and thought when he first saw the deal, how creative finance was marketed to him, and what he wishes he knew before this huge L-all based on the words of trusting those who make money from RE investors. Continuing in the series of Nightmare Deals, this spider web of deceit involving shadiness from wholesalers, contractors, sub-to rates, and those looking to off load bad deals to others, this show will open your eyes to what really goes on in the “off market” world of RE investing so often sold as the best way to find deals. If you do, or have considered, buying deals from off market providers, you simply cannot afford to miss this episode. Follow David: @DavidGreene DavidGreene24.com RealTalkRealEstate.com Podcast-The David Greene Show Spotify, Apple Podcasts Book a session with David: Help@DavidGreene24.com Ask a Question: DavidGreene24.com/ask Find me on the “minnect” app Real Estate University: SpartanLeague.com Join my Free Newsletter: Davidgreene24.com/textletter Finance Your Real Estate TheOneBrokerage.com Intake@TheOneBrokerage @theonebrokerage Free Textletter DavidGreene24.com/join STR Management STR@DavidGreene24.com Investor Retreat DavidGreene24.com/retreat 00:00 Welcome 00:39 Meet Tanner: A Real Estate Journey 02:06 The Seattle to Utah Transition 03:46 The Temptation of Creative Finance 04:44 The Wholesaler's Pitch 06:06 The Deal's Red Flags 08:00 Navigating the Wholesaling Wild West 15:48 The Unexpected Foreclosure Notice 21:57 Foreclosure Confusion and Legal Advice 22:40 The Missing $20,000 and Title Issues 26:18 Realization and Damage Control 28:13 Legal Battles and Tenants 34:14 Auction and Financial Losses 38:24 Lessons Learned and Moving Forward