Suggestion For a New Forum: Dealmaking Failure Stories

[Tony Thompson]

I would like to see a "Dealmaking Failure Stories" to counter the "Dealmaking Success Stories" in the BP forums.

We all know that you can't achieve success by being a perfectionist and without failing. Would love to hear from some of our succsessful members on what they learned. :mrgreen:

[Harrison Painter]

I lost $30K on my first rehab real estate investment!

- Paid the contractor half up front.
- Went to the property and never saw any work being done.
- Left message after message
- Finally stopped by his house
- He was having a party (on my dime)
- Asked me for more money. (really?)
- Called him a thief
- He tried to defend his actions.
- I fired him and learned a very expensive lesson.

- Hired next contractor and only paid him a small fee up front
- Bought all supplies and delivered myself.
- Supplies were stolen as home was not secured properly by contractor.
- Work done was not that good
- Fired contractor #2

- Hired Contractor #3
- Spent even more money to fix #2's shoddy work

ahhhhhhh.....completed........

- Hired property manager
- Heard crickets chirp for weeks
- No return phone calls
- Fired Property Manager

- Hired Property Manager #2
- See Property Manager #1 experience

- Decided to manage myself.
- Advertised
- Many tenant prospects would make appointment and not show up?
- Frustrated, I filled the unit with the first person who came along
- They only paid 2 months rent.

- First eviction experience
- Another 60 days
- Tenants trashed unti

- Called Contractor #3 to fix issues
- Cost a few thousand dollars

- Finally rented out the place to great tenants
- Decided Real Estate was not for me and was going to sell property.

- Found a Real Estate Agent
- Listed Property
- Crickets chirped for weeks
- No Return Calls
- Fired Real Estate Agent

- Hired Real Estate Agent #2
- See Real Estate Agent Experience #1

- Decided to sell property myself
- SOLD!!!!

Profit/Loss = (-$30K)

Tough lesson

Decided to get into the business and work hard to prevent this from happening to others!

The seeds of Gladiator Real Estate Group were born..........

Success is not easy, but it comes through passion, honesty, and hard work!

Have a Profitable Day Everyone!

- Harrison