Threading bad trades… We open a threading of bad trades executed… fuck up deals not trades…
Threading bad deals…
We open a chain of bad deals made… fuck up deals
No deals that started badly and turned them ..
But failed deals… Everyone has some ..
The collaborative experience of all of us will teach others…
And it's always good to look back and see how many mistakes have been made למ.
Who starts?
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- My worst deal is that until now I have not made any deal.
- 2 bad deals,
First deal that was supposed to be for 8,
Some of the purchases included renovation, moving the business process, renting and expecting a return.
In fact, a worst asset manager,
Was not transferred to the 8 campaign,
Rented and poor money management did not enter.
After a year of runs sold at a loss….A second deal made a good dent and deteriorated into the chasm of probably a loss of 50 percent of the investment.
Main lesson - trust others to do the work for you, this is not a winning victory,
The property manager is not functioning, Shimotnik is not functioning, someone is not functioning - cut and fast even at a momentary loss price… It is better to cut and lose a little than pull and lose a lot.I come with real estate experience, engage in entrepreneurship and execute living and do complex projects and everything in the country and when I'm in control and doing it very well.
Two relatively small uncomplicated transactions have failed miserably.Not ashamed to admit it.
The next projects in the US and there will be quite a few will be conducted differently and I have no doubt about their success.
Shabbat Shalom
- Not bad, but for the time being, it is not as lucrative as we currently expect and lemon-flavored: investing with my brother and another 3 partner in a small Florida commercial property complex. The numbers on paper are overwhelmingly leased, my brother as an American arranged financing and everything is supposed to work. A week before closing, the bank blew up the deal with draconian covenants (restrictions) and we had to find a higher interest lender. The finer numbers work.
The property passes into the ownership of the partnership and everything is fine. Two months pass and 'Irma' passes over the property. Many damages that the insurance company dragged feet so that each partner had to put his hand in his pocket by a percentage. In 2017 it amounted to $ 8A in damage. Here I thought everything was fine. A few months ago, as cumulative damage from the storm, the roof also had to be replaced with another $ 9A seniority. Total investment 50A The plan showed an expectation of between 12 and 15 percent annual return. Irma disrupted the plans and right now instead of seeing money I added another $ 17 to the investment.
Go and explain to a woman that this is a good investment and that she wanted to buy another investment property in retrospect… (we bought 2 more since but for another discussion) I forgot about this investment and it is for a period of at least 5 years from the date of the contract. See you in 3 and a few years.
Conclusion Not everything is pink There are always surprises that do everything right with the right professionals and should be surprised. - Well then like that, I found a single family home with a market price of about $ 45,000, a required price before negotiations $ 22,000, a closing price of $ 10,000, a renovation price of $ 15,000…
I agreed to the title of the seller (first mistake - currently only with my title), I received approval for a debt to the municipality, it was agreed that the title closes it with money that will be received at closing…
The only time out of my 15 deals I was present at closing, the check was transferred to a title that was chilled at closing, we signed everything, got the forms, no key because the house is closed and unoccupied, we said goodbye, I brought in a contractor who worked with me to renovate my house and not finished. While working they broke into our house drugged for use (yes I work in hard and weak areas, with crazy yields but that's for another date), of course the burglary by opening a hole in the ceiling and biting the contractor an additional $ 3,000 for renovation, the contractor progresses slowly because unable to perform 2 jobs simultaneously (Brief experience with the contractor), I decided to continue the renovation with my contractor that I have experience with, when the contractor came to start work he found workers of another contractor who work on behalf of the landlord, a brief inquiry revealed that the title went home to rest for about a week, and approached the municipality after about three Weeks to register the house in my name and pay the various debt and bills… Meanwhile the diligent sheriff put the house up for auction… at a price of $ 17,000 without our knowledge…
At the moment the damage to the deal is about $ 14,000 and it is still unclear but will close, in March I come to a court hearing in Philadelphia in my lawsuit against the broker… hope to get as much out of it as possible and maybe also from the title…
Bottom line is relying on professionals I did not know very well, with a little loyalty to me and it is clear to me that I am responsible for everything that happened and I definitely drew the necessary conclusions and treated my shortcomings…
Will it keep me from a bad deal in the future? I do not know, I believe there will be other mistakes and not mistakes I have already made…. - (Yes I work in hard and weak areas, with insane returns but that's for another date) - Glad to read this sharing. Works in those areas and I thought I was the only Hebrew speaker who jumps head to the more challenging places.
- Or Stern Noel
You're not the only one but definitely special
: )
We look forward to hearing from you your experiences and the wisdom of your experience ... your outlook - Flip that is not closing yet, hope it has a happy ending now, now .. Property bought in popular neighborhood at a price of 135k $ Renovation used to be 120k $ and sale price 350k $
Ahead of the market spend testing with additional brokers and the conclusion that you can even reach 400k $. Advertise your property at $ NXXk excited about how much profit you can make .. Get a quote on the first open day. A contract seal .. then for a month and a half just bargains for the price until we lowered us to $ 390k. At that point, we had already forgotten about the initial inheritance and were annoyed at how much we had lowered our $ 355k .. and we rejected the offer. Mistake!!!
You must not refuse sale! Do not leave property in the air for too long ..
For six months trying to sell, we got off the air we had to add money to all kinds of upgrades, the HML costs climb. Could have been behind us already ..
We are now in the process of refinancing to lower interest costs and cash out to the investor to make a profit already (if there is a loss, we will have it and not on it), improvements to the property and re-launch as new to the market ??The main thing - I learned a lot for the following projects!
- Hi I bought a property in July 2016 right at the beginning of the road in Gastonia North Carolina for $ 32000 rent 475..a tenant inside and the broker told miracles and wonders..I did an inspection cma thachl to the school..I checked the property manager and even Robert Schmin talked to him and told me he understands interest and there I have a good staff..after a month of rent rent..the property manager is running very slowly and until the eviction took two and a half months. To rent you need to renovate to vacate the house looks like hell… 18000 investment in renovation that ended in January. In short, I invested about 50000..we rented at 695 .. we improved… The property worked until January 2018. Then the tenant does not pay..a tenant who passed all the tests successfully. In February I said it should sell. I did not want the property .. within a month I sold at 56000. In my pocket I was left with 51000 after all the cost of the sale. An asset in which I lost.
- Jacob Sapoj will call.
- Guys this post is worth gold.
- Really a blessed thread ... before I go into a deal..I'm great
- Tali Eliash
- Failed deal story: caution, extra long post…
About three years ago, I came in as an investor for a flip deal with other entrepreneurs.
The developer promised on paper mountains and hills, everything looks pink - the deal was supposed to take 6 months and bring a return of over 11%
We were 5 investors in a deal in one of the best areas in Jacksonville Florida
Property cost $ 190K
Remodeling cost and additional $ 85K
Sale $ 365K
sounds great
I was then at the beginning of my journey and at the same time I had too much money to be able to make trades myself so I decided to enter as an investor and also get to know the area better by investing in another entrepreneur - excellent area, good copmes, property offered for sale near received 13 offers on the first day No?So it's actually that it was a little less.
It started with the renovation being delayed and the first contractor fired after 3 months.
Until a new contractor is found who has agreed to continue from that point - and whoever works with contractors knows that the thing they most hate to do is continue working for another contractor… another month and a half has passed.
Work with the new contractor was supposed to be completed within a month but of course it was delayed too and work continued for another four months.
At this point we are in a state of 11 months from the start of the project and only now the property has been offered for sale - still at the planned price $ 365K
So we already understand that half a year it will not take…
The property is on the market, people come to see but there is no serious offer.
A month passes and another two months and nothing…
Start lowering the price,
In the beginning at 10 thousand
is nothing…
Another month, another download and another download and nothing.
After 6 months of marketing we are already on $ 334K
$ 30 thousand below the planned price.
Finally decide to change broker - maybe the current one is not good enough…
The new realtor recommends making changes - some landscaping, installing another door, adding tiles in the kitchen Staging (display furniture) - all this of course at the additional expense of our investors… and off we go!
The property is up for sale with the new realtor for $ 334K
The new mediator is full of energy and goodwill doing conferences, open house with catering, and Gift Gifts distributor publishes in all possible media - and nada, nothing.
One of the investors who was the least patient with the rest of the way was putting a lot of pressure on the entrepreneur and the rest of the investors to take further steps to promote the deal.
Among other things, we started checking with potential buyers their reason for giving up the house and it turns out that many got out of the matter because of the proximity of the house to a busy road - that can not be changed…
After two months there is finally a family interested in the property
How much does it offer?
$ 310K
Everyone is already dying to get rid of this bad deal but to the less patient investor it sounded problematic and he wouldn't decline that much since we were on $ 330K
In the end, the refuser was convinced - the potential buyer sent an inspector and after a month decided - right, to drop the deal…
Another month - a storm arrives in the area, fortunately does not cause too much damage…
Arrange the garden a bit and set off again.
We have been in the project for a year and nine months!
Decide to lower the $ 1,000 each week to bounce your ad frequently.
It's been another 3 months, deciding to aggressively lower the price to $ 299K
More families are starting to come, but in the meantime cracks in the walls and ceiling are beginning to appear - the developer decides to repair at his expense.
So far the only bids coming in are for $ 220K - $ 230K other ventures
About two years and two months from the beginning - the happy message arrives - there is a contract with a buyer for $ 299K !!!
But alas - after a few days - comes a message that the buyer canceled the purchase.
Set off again…
Another two months pass during which the price drops every few weeks
Coming to the price of $ 265K - a loss of about $ 40K
Eventually after two and nine months
Reach a Buyer Who Will Pay $ 260 Thousand -
Remember the original plan?
So with the official Comps broker on $ 365K?
We came out of the deal after almost three years in Tooth - but still with most of the money we spent.
Anyone who has come with me here sees what a deal might look like, not exactly by design.
You can't always count on a broker's comps
The location of the house on the street can drastically affect its demand even compared to a house next to it
When there are several other investors in the deal, you do not have the ability to make decisions independently.
It is difficult to trust others without knowing and checking in depth.
With all the problems - about 80% of the money invested is returned and it is not a loss of all the money as can happen in the stock market…I dug enough, hoping I brought something up.
- Moshe Katzir Mor Amira
- LiorLiorchik
study units - Here's another post that turned from what was supposed to be morale study material or a story about unsuccessful experiences… to the reactions of enthusiasts who are dying to advertise themselves and push how “big” and “professional” they are and I and I and I and… Enough already. It takes away the urge to read the others who are there and write about it …… You are all the big guns who do market surveys and know everything and in life do not fall !! You would not be looking for investors in candles, you were supposed to be millionaires long ago and invest only your money !!!!! For what to let someone enjoy your unimaginable professionalism and genius… .. a little back to Earth Brass
- Friends, thanks for sharing- it contributes and helps everyone. A few words about areas called War Zones can be seen here as a nice cash flow, on the other hand it is sometimes not for long, and every time a tenant changes you have to think about the costs that have to be paid to management companies, and of course the costs of repairs after changing tenants. I have no experience with such houses,. I am in favor of places where it is fun to buy homes to renovate and sell, or to find tenants for lots of years. Before buying I would always suggest doing Engineer's inspection and thus get an idea about repairs (a great way to bend the seller's hand and lower the price) …… Good luck and a smile to everyone
- This is our first deal in St. Louis, we made all the possible mistakes, a jarring experience and a huge loss.
We bought a property in a good neighborhood, which needed a total renovation. Buy price $ 185k Sale price after renovation $ 375-400k
We worked with an unknown contractor who gave us an offer of k $ 100
We thought we did the deal of our lives.
The realtor with whom we bought the house was also supposed to sell it to us. He suggested that instead of an 3% commission, he was given a 4% commission and in return he would oversee the contractor's work, he said he worked with investors and also had assets he invested in himself and knows how to work with contractors.As I said we made all possible mistakes.
Mistake 1- Today I realize that the purchase price was too high
Mistake 2-At the time we asked the broker to negotiate the purchase price but he pressured us to buy it for the amount offered - we were unreasonable without confidence and were not assertive enough to lower the price ourselves.
Mistake 3 - We didn't check enough contractors and prices and took the cheaper one.
Mistake 4 - We relied too much on others and believed too much in both the realtor and the contractor.
Let’s start with the mediator we relied on him too much, gave him too much power and control. We did not check whether he really has experience working with investors and supervising contractors.
And we didn't check it for work.
The contractor smeared him and told him he was progressing according to plan when he didn't do much.
The realtor and his assistant visited a lot of the property and were in contact with the contractor but if they did not notice that the contractor was working on them they probably did not understand much about the renovation. The broker approved transferring money to the contractor and so we were stung by about 60 thousand dollars when the victim ran away with him apparently doing only a demolition.
Mistake 5 - We were not close to the system we knew.Conclusions
Ask to consult for help, we have an amazing investor community ready to advise and help.Listen to the intuitions - we did a lot of things that we did not agree with and that the stomach shouted that it was not true.
Check carefully before deciding on working with professionalsEven if you are inexperienced and confident green don't give up your powers and underestimate your value (assertiveness, knowledge, abilities,)
We thought that if we hire professionals like a realtor we can trust him and rest nium I know there is no such thing and that we need to be involved in everything and in control of everything. We'm Hex Manager.
Not to act out of emotions but only for rational reasons
And of course be close to the principles, red lines and system. For me today, it will not pass.
Today we lick the property wounds on a contract at a cheaper price than we bought
Hope we don't get too caught up in our next deal.Thanks to those who came to the helm
Send…
- The most important post in Pace for a long time.
One story of my transactions:
Purchase of a plot of land and a new construction transaction, a total of $ 206, expected to be rented in 2000, market value estimated at the end of 260.
The house is actually leased only after several months of trying, including additional investment in upgrades at 1700 per month instead of 2000.
Toward the end of the lease, additional rental attempts at 2000 were unsuccessful and due to expensive operating costs in the neighborhood (for example Arnona 2800 annual dollars instead of 1600 told me) and understanding that the rental would not make a decision to go on sale.
After almost a year of an empty house and high monthly costs, especially in the summer, gardening, electricity, etc., we receive an offer that is also being crystallized for sale. Bottom line after selling expenses what I invested I will get back.
Conclusions:
A neighborhood that has no rentals at all probably won't be in it either.
When you build a simple house in a relatively upscale neighborhood, the price of your house will not go up because the houses there are beautiful, if the house you built is relatively small, all the bedrooms are upstairs and not as usual there, if the basic level of finish is just not for sale.
Selling expenses of about 9 percent is a lot of money and this means that in order to profit the gap between the buying and selling price, you need to have about 30 percent real. In this deal I already lost in Kenya, the developer cut all the profit when he sold me at 210.
The price I bought was relatively cheap for houses in the neighborhood that cost about 340 but the price per meter built was significantly higher and I did not check it.
An empty house is an expense.
Happily from the beginning I did not approach entrepreneurship with the thought of one other deal I had to bring money from home for a whole year, here overall a bad deal spoiled the whole bag a bit.
It's better to say goodbye to a bad deal than to keep it.
Entrepreneurs usually cut the profit in the second they have closed a deal with you which is fine but you have to make sure good ones that they have left for you too and not just depend on the illusions of future value increase. - The basis and willingness to admit a mistake or acknowledge the failure of a deal - is a cornerstone and a solid foundation to avoid mistakes in the future, and not fall in love with the property and wait maybe and somehow he will return the money .. better go as you wrote, I have quite a few friends who belong to the League of Homes in tens and also hundreds of millions of dollars of deals !!! And they taught me - the sooner we confessed the more mistakes we paid we paid for them !!!! Yes, even tycoons and real estate knights fall and make mistakes… internalize, understand, thank and move on need the ability to put the ego aside for a while - good luck to those who did not fall did not stumble and did not make a mistake… and so do the rest of us humans
Friends, thanks for sharing- it contributes and helps everyone. A few words about areas called War Zones can be seen here as a nice cash flow, on the other hand it is sometimes not for long, and every time a tenant changes you have to think about the costs that have to be paid to management companies, and of course the costs of repairs after changing tenants. I have no experience with such houses,. I am in favor of places where it is fun to buy homes to renovate and sell, or to find tenants for lots of years. Before buying I would always suggest doing Engineer's inspection and thus get an idea about repairs (a great way to bend the seller's hand and lower the price) …… Good luck and a smile to everyone
Here's another post that turned from what was supposed to be morale study material or a story about unsuccessful experiences… to the reactions of enthusiasts who are dying to advertise themselves and push how “big” and “professional” they are and I and I and I and… Enough already. It takes away the urge to read the others who are there and write about it …… You are all the big guns who do market surveys and know everything and in life do not fall !! You would not be looking for investors in candles, you were supposed to be millionaires long ago and invest only your money !!!!! For what to let someone enjoy your unimaginable professionalism and genius… .. a little back to Earth Brass
LiorLiorchik
study units
Moshe Katzir Mor Amira
Failed deal story: caution, extra long post…
About three years ago, I came in as an investor for a flip deal with other entrepreneurs.
The developer promised on paper mountains and hills, everything looks pink - the deal was supposed to take 6 months and bring a return of over 11%
We were 5 investors in a deal in one of the best areas in Jacksonville Florida
Property cost $ 190K
Remodeling cost and additional $ 85K
Sale $ 365K
sounds great
I was then at the beginning of my journey and at the same time I had too much money to be able to make trades myself so I decided to enter as an investor and also get to know the area better by investing in another entrepreneur - excellent area, good copmes, property offered for sale near received 13 offers on the first day No?
So it's actually that it was a little less.
It started with the renovation being delayed and the first contractor fired after 3 months.
Until a new contractor is found who has agreed to continue from that point - and whoever works with contractors knows that the thing they most hate to do is continue working for another contractor… another month and a half has passed.
Work with the new contractor was supposed to be completed within a month but of course it was delayed too and work continued for another four months.
At this point we are in a state of 11 months from the start of the project and only now the property has been offered for sale - still at the planned price $ 365K
So we already understand that half a year it will not take…
The property is on the market, people come to see but there is no serious offer.
A month passes and another two months and nothing…
Start lowering the price,
In the beginning at 10 thousand
is nothing…
Another month, another download and another download and nothing.
After 6 months of marketing we are already on $ 334K
$ 30 thousand below the planned price.
Finally decide to change broker - maybe the current one is not good enough…
The new realtor recommends making changes - some landscaping, installing another door, adding tiles in the kitchen Staging (display furniture) - all this of course at the additional expense of our investors… and off we go!
The property is up for sale with the new realtor for $ 334K
The new mediator is full of energy and goodwill doing conferences, open house with catering, and Gift Gifts distributor publishes in all possible media - and nada, nothing.
One of the investors who was the least patient with the rest of the way was putting a lot of pressure on the entrepreneur and the rest of the investors to take further steps to promote the deal.
Among other things, we started checking with potential buyers their reason for giving up the house and it turns out that many got out of the matter because of the proximity of the house to a busy road - that can not be changed…
After two months there is finally a family interested in the property
How much does it offer?
$ 310K
Everyone is already dying to get rid of this bad deal but to the less patient investor it sounded problematic and he wouldn't decline that much since we were on $ 330K
In the end, the refuser was convinced - the potential buyer sent an inspector and after a month decided - right, to drop the deal…
Another month - a storm arrives in the area, fortunately does not cause too much damage…
Arrange the garden a bit and set off again.
We have been in the project for a year and nine months!
Decide to lower the $ 1,000 each week to bounce your ad frequently.
It's been another 3 months, deciding to aggressively lower the price to $ 299K
More families are starting to come, but in the meantime cracks in the walls and ceiling are beginning to appear - the developer decides to repair at his expense.
So far the only bids coming in are for $ 220K - $ 230K other ventures
About two years and two months from the beginning - the happy message arrives - there is a contract with a buyer for $ 299K !!!
But alas - after a few days - comes a message that the buyer canceled the purchase.
Set off again…
Another two months pass during which the price drops every few weeks
Coming to the price of $ 265K - a loss of about $ 40K
Eventually after two and nine months
Reach a Buyer Who Will Pay $ 260 Thousand -
Remember the original plan?
So with the official Comps broker on $ 365K?
We came out of the deal after almost three years in Tooth - but still with most of the money we spent.
Anyone who has come with me here sees what a deal might look like, not exactly by design.
You can't always count on a broker's comps
The location of the house on the street can drastically affect its demand even compared to a house next to it
When there are several other investors in the deal, you do not have the ability to make decisions independently.
It is difficult to trust others without knowing and checking in depth.
With all the problems - about 80% of the money invested is returned and it is not a loss of all the money as can happen in the stock market…
I dug enough, hoping I brought something up.
Tali Eliash
Really a blessed thread ... before I go into a deal..I'm great
Guys this post is worth gold.
Jacob Sapoj will call.
Hi I bought a property in July 2016 right at the beginning of the road in Gastonia North Carolina for $ 32000 rent 475..a tenant inside and the broker told miracles and wonders..I did an inspection cma thachl to the school..I checked the property manager and even Robert Schmin talked to him and told me he understands interest and there I have a good staff..after a month of rent rent..the property manager is running very slowly and until the eviction took two and a half months. To rent you need to renovate to vacate the house looks like hell… 18000 investment in renovation that ended in January. In short, I invested about 50000..we rented at 695 .. we improved… The property worked until January 2018. Then the tenant does not pay..a tenant who passed all the tests successfully. In February I said it should sell. I did not want the property .. within a month I sold at 56000. In my pocket I was left with 51000 after all the cost of the sale. An asset in which I lost.
Flip that is not closing yet, hope it has a happy ending now, now .. Property bought in popular neighborhood at a price of 135k $ Renovation used to be 120k $ and sale price 350k $
Ahead of the market spend testing with additional brokers and the conclusion that you can even reach 400k $. Advertise your property at $ NXXk excited about how much profit you can make .. Get a quote on the first open day. A contract seal .. then for a month and a half just bargains for the price until we lowered us to $ 390k. At that point, we had already forgotten about the initial inheritance and were annoyed at how much we had lowered our $ 355k .. and we rejected the offer. Mistake!!!
You must not refuse sale! Do not leave property in the air for too long ..
For six months trying to sell, we got off the air we had to add money to all kinds of upgrades, the HML costs climb. Could have been behind us already ..
We are now in the process of refinancing to lower interest costs and cash out to the investor to make a profit already (if there is a loss, we will have it and not on it), improvements to the property and re-launch as new to the market ??
The main thing - I learned a lot for the following projects!
Or Stern Noel
You're not the only one but definitely special
: )
We look forward to hearing from you your experiences and the wisdom of your experience ... your outlook
(Yes I work in hard and weak areas, with insane returns but that's for another date) - Glad to read this sharing. Works in those areas and I thought I was the only Hebrew speaker who jumps head to the more challenging places.
Well then like that, I found a single family home with a market price of about $ 45,000, a required price before negotiations $ 22,000, a closing price of $ 10,000, a renovation price of $ 15,000…
I agreed to the title of the seller (first mistake - currently only with my title), I received approval for a debt to the municipality, it was agreed that the title closes it with money that will be received at closing…
The only time out of my 15 deals I was present at closing, the check was transferred to a title that was chilled at closing, we signed everything, got the forms, no key because the house is closed and unoccupied, we said goodbye, I brought in a contractor who worked with me to renovate my house and not finished. While working they broke into our house drugged for use (yes I work in hard and weak areas, with crazy yields but that's for another date), of course the burglary by opening a hole in the ceiling and biting the contractor an additional $ 3,000 for renovation, the contractor progresses slowly because unable to perform 2 jobs simultaneously (Brief experience with the contractor), I decided to continue the renovation with my contractor that I have experience with, when the contractor came to start work he found workers of another contractor who work on behalf of the landlord, a brief inquiry revealed that the title went home to rest for about a week, and approached the municipality after about three Weeks to register the house in my name and pay the various debt and bills… Meanwhile the diligent sheriff put the house up for auction… at a price of $ 17,000 without our knowledge…
At the moment the damage to the deal is about $ 14,000 and it is still unclear but will close, in March I come to a court hearing in Philadelphia in my lawsuit against the broker… hope to get as much out of it as possible and maybe also from the title…
Bottom line is relying on professionals I did not know very well, with a little loyalty to me and it is clear to me that I am responsible for everything that happened and I definitely drew the necessary conclusions and treated my shortcomings…
Will it keep me from a bad deal in the future? I do not know, I believe there will be other mistakes and not mistakes I have already made….
Not bad, but for the time being, it is not as lucrative as we currently expect and lemon-flavored: investing with my brother and another 3 partner in a small Florida commercial property complex. The numbers on paper are overwhelmingly leased, my brother as an American arranged financing and everything is supposed to work. A week before closing, the bank blew up the deal with draconian covenants (restrictions) and we had to find a higher interest lender. The finer numbers work.
The property passes into the ownership of the partnership and everything is fine. Two months pass and 'Irma' passes over the property. Many damages that the insurance company dragged feet so that each partner had to put his hand in his pocket by a percentage. In 2017 it amounted to $ 8A in damage. Here I thought everything was fine. A few months ago, as cumulative damage from the storm, the roof also had to be replaced with another $ 9A seniority. Total investment 50A The plan showed an expectation of between 12 and 15 percent annual return. Irma disrupted the plans and right now instead of seeing money I added another $ 17 to the investment.
Go and explain to a woman that this is a good investment and that she wanted to buy another investment property in retrospect… (we bought 2 more since but for another discussion) I forgot about this investment and it is for a period of at least 5 years from the date of the contract. See you in 3 and a few years.
Conclusion Not everything is pink There are always surprises that do everything right with the right professionals and should be surprised.
2 bad deals,
First deal that was supposed to be for 8,
Some of the purchases included renovation, moving the business process, renting and expecting a return.
In fact, a worst asset manager,
Was not transferred to the 8 campaign,
Rented and poor money management did not enter.
After a year of runs sold at a loss….
A second deal made a good dent and deteriorated into the chasm of probably a loss of 50 percent of the investment.
Main lesson - trust others to do the work for you, this is not a winning victory,
The property manager is not functioning, Shimotnik is not functioning, someone is not functioning - cut and fast even at a momentary loss price… It is better to cut and lose a little than pull and lose a lot.
I come with real estate experience, engage in entrepreneurship and execute living and do complex projects and everything in the country and when I'm in control and doing it very well.
Two relatively small uncomplicated transactions have failed miserably.
Not ashamed to admit it.
The next projects in the US and there will be quite a few will be conducted differently and I have no doubt about their success.
Shabbat Shalom
My worst deal is that until now I have not made any deal.