Dusting Myself off After a Rocky Start in RE Investments

[Shane Hetzel]

Hello all. I had been involved with Better Pockets sporadically last year while embarking on my first real estate project. I did a condo conversion from the previously existing multi family structure and ended up doing a far more extensive, and expensive renovation than I had originally budgeted for. I made a number of mistakes along the way, as might be expected for a first attempt at this, but also had what felt like way more than my fair share of bad luck. My poor choice of a GC was the ultimate in the line of bad decisions, all these things all played integral roles to what had the potential to be a very attractive investment and turning into one that left me saddled with debt after and self doubt after the deal completion. At any rate I learned so many invaluable lessons through the whole thing. I was extremely demoralized and depressed for the better part of a year that's passed since then, and really thought that I might be ending my brief real estate career after that one single poorly executed deal. I really don't want to do that though because I still feel very strongly about the great potential opportunities for doing some pretty unbelievable things in this field. Right now I'm just trying to be able to start picking up the yet unswept broken pieces and financial burden left behind from the project last year. I'm still overwhelmed about the best way to begin the process of digging out from this hard situation in a way that will not only allow me to at least take advantage of the decent tax favor I should be able to that can hopefully soften some of the financial blow. But I would love to connect with any more experienced folks out there who maybe faced a similar situation to this when they were first starting out, and I'd certainly love to hear any guidance and advice about how to best navigate this in a way that it doesn't have to be the end for me..e.g. positioning the situation in such a way where I could hopefully address the leftover financial obligations that must be tied up first but also finding ways and creative financing opportunities where I won't be automatically rejected for consideration based on this very troubled project still hanging like a black cloud over my head. I really want to plug ahead and not allow this to defeat the dream I've had for so long to do something like this. So, any words of guidance, or advice that anyone might have out there to provide a little direction on how I should attack this difficult situation would be most appreciated. I'm in the Boston area so would be especially nice to build up my network on contacts with those who are close by and operating in the same market I am. Thanks and again, any words of wisdom anyone might have thoughts to help me get jump started to moved out of the depression and almost paralysis overwhelmed mode I've felt bound now for over a year, would be most appreciated. I'm thrilled to listen and take lessons from those who have gone ahead of me and experienced similar struggles. Thanks all, Shane H