Seeking Stories about that "Deal That Got Away"

[Melanie Stephens]

Hi everyone!

My name is Melanie Stephens and I write a column for BiggerPockets Wealth Magazine on “Biggest Mistakes/Lessons Learned” in real estate.

I am looking for stories from BP members about that ONE deal or real estate opportunity that "got away.” Maybe it's a property you wish you never would have sold, or a real estate opportunity that presented itself but that you turned down, and now wish you hadn't.

In short, if you had a "do-over," you would have done things much differently - and, it taught you a big lesson!

If you have a story like this, I’d love to hear from you.

Please feel free to post here, or DM or email me with a few short details of your story and I'll get in touch with you if it looks like a good fit for the column.

Thank you!

Melanie Stephens

melanie @ biggerpockets.com

[Ryan Howell]

Melanie, I have one:

Right after buying my first property (all this was before becoming an agent), I stumbled on a house for sale with an in-law suite and an extra lot.  In my area, single family is very difficult to cash flow, so I was focused on multi-family.  We offered $128,000 (way below asking) and it was valued probably around $190k at the time (it was very dated, but all cosmetic) and they took it.  Turns out they were ready to get rid of the house....as we started to move forward I realized that even at that price after the rehab it wouldn't meet my cash flow targets so we passed on it.  About 9 months later I see it up for sale for $330k.  Someone bought it and flipped it and combined the units together as a single family.  They payed $160k and sold for around $330k (without the extra lot) and I estimated they had $80k in rehab.  I realized my mistake was being too focused on one strategy.  I had a great deal and could have easily flipped it, etc.  if I had focused on how to make money on the property and not just on one strategy.