I made the rookie mistake and bought a deal outside my buy box. A $40,000 rehab turned into $85,000. The property sat on the market for 12 months! I dropped the price, refinanced it, turned it into a short-term rental, and eventually sold it three years later at a $70,000 loss.
In this episode, I break down what a bad deal actually takes from you.
We go over:
- The $40,000 rehab that became $85,000, and the one thing I missed during due diligence that caused it
- Why the $70,000 wasn't the number that kept me up at night
- The moment most new investors quit, and why it has nothing to do with money
- What a professional poker player taught me about losing in real estate
- What to do right now if you're sitting on a deal that's gone sideways
If you're in a deal that's gone sideways, or you took a loss and you're starting to wonder whether this is even worth it, the answer is not to be more careful in some general sense. The answer is to get around people who have already survived a bad deal and navigated out of it, people who can tell you exactly what they did and what they wish they had done differently.
That room is called 7F Runway. An action-oriented mastermind built for early-stage flippers who are tired of duct-taping deals together one at a time and ready to build a business that pays them consistently.
See if it's a fit for where you are:
https://www.7figureflipping.com/runway
LINKS & RESOURCES
7 Figure Flipping Underground
If you want to learn how to make money flipping and wholesaling houses without risking your life savings or \"working weekends\" forever... this book is for YOU. It'll take you from \"complete beginner\" to closing your first deal or even your next 10 deals without the bumps and bruises most people pick up along the way. If you've never flipped a house before, you'll find step-by-step instructions on everything you need to know to get started. If you're already flipping or wholesaling houses, you'll find fast-track secrets that will cut years off your learning curve and let you streamline your operations, maximize profit, do MORE deals, and work LESS.
CLICK HERE: https://hubs.ly/Q01ggDSh0
7 Figure Runway
Follow a proven 5-step formula to create consistent monthly income flipping and wholesaling houses, then turn your active income into passive cash flow and create a life of freedom. 7 Figure Runway is an intensive, nothing-held-back mentoring group for real estate investors who want to build a \"scalable\" business and start \"stacking\" assets to build long-term wealth. Get off-market deal sourcing strategies that work, plus 100% purchase and renovation financing through our built-in funding partners, a community of active investors who will support and encourage you, weekly accountability sessions to keep you on track, 1-on-1 coaching, and more.
CLICK HERE: https://www.7figureflipping.com/runway