Recovery Strategy

[Kevin Jackson]

With great rewards come great risks and at time even though these risks are calculated we tend to get blindsided by the "X" factor so I would like to hear from those who "failed" at real estate and if possible, share with us your strategy that you used to recover and become successful. Yeah I know it sounds like a job interview question but I would love to hear your story.

[John M.]

Originally posted by "kevdjack7":

With great rewards come great risks and at time even though these risks are calculated we tend to get blindsided by the "X" factor so I would like to hear from those who "failed" at real estate and if possible, share with us your strategy that you used to recover and become successful. Yeah I know it sounds like a job interview question but I would love to hear your story.

Great topic kev. Would love to hear some learning experiences as well.

:beer:

[Toby Munk]

I would not say I completely failed. I happened to have bought a town home in a subdivision of identical homes.

When it came time to sell I was competing with like product. Homes were like a commodity. The cheapest one sells.

I learned my lessen took my loss and just bought better real estate. Always make sure it is unique.

[Eric Foster]

I can’t say that I have “completely failed”… But I will tell you some valuable lessons that I have learned as I was having some of those “why did I do that” moments…

1. Check, recheck, and recheck the rechecking…
2. Have a plan A, B, C…
3. Have multiple exit strategies…
4. Be prepared to change your plans mid stream…
5. Have way more cash than you think you need...
6. Plan for the unexpected…
7. Don’t rely on money coming in until the check has cleared…
8. Always be looking for deals to keep the momentum going…
9. Be prepared for problems, they will come…
10. Pass on a deal that you are unsure of…
11. Just when you think you have it figured out, get ready to duck…

Real estate is almost as far from “perfect” as you can get. Always be ready…