Losing $100K on one real estate deal!? Is there any coming back from that kind of loss? Unfortunately, real estate investing is not always sunshine and rainbows. Every successful investor has had their fair share of failures. By learning from some of our mistakes, our hope is that new investors won’t have to make them!
Welcome back to another episode of the Real Estate Rookie podcast. Today, Ashley interviews Tony about one of his most recent deals that went south. Ultimately, Tony ended up losing a whopping $100K on the deal. This kind of loss would cause many people to throw in the towel and quit their real estate journeys. Instead, Tony ate the loss, learned some important lessons, and got back up on his horse.
If you’re afraid of losing money on a real estate deal, allow Tony’s mental fortitude to encourage and inspire you to keep going! In this episode, he shares a handful of invaluable lessons—including why it’s so important to manage the timeline of a deal, why you should always take a pre-approval with a grain of salt, and how diversifying investments across different markets can help lower your risk!
In This Episode We Cover
Finding your real estate niche and building a strong financial foundation
Managing the closing timeline (and saving a fortune in holding costs!)
The importance of purchase agreements and earnest money deposits
The subjectivity of appraisals (and when you should challenge them)
Why you should NEVER treat a pre-approval as gospel
What you should know before becoming a private money lender
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt
The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins
4 Important Steps to Bounce Back After Losing Money on a Deal

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-298
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