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!
Ashley:
This is Real Estate Rookie episode 298. You guys a $100,000?
Tony:
A hundred thousand… Oh, this is like a paper loss a hundred K? No, this is like Tony wiring a $100,000 dollars from a business bank account into our lender’s account to be able to cover this, it definitely hurts.
Ashley:
My name is Ashley Kehr and I am here with my co-host Tony Robinson.
Tony:
And welcome to the Real Estate Rookie Podcast, where every week, twice a week, we bring you the inspiration, motivation, and stories you need to hear to kickstart your investing journey. And today we’re switching it up on the Real Estate Rookie Podcast. Ashley is my therapist for today, and I’m laying down on the therapist’s couch and I’m opening up my heart and my soul and my vulnerabilities around a recent deal that went terribly, terribly wrong.
Ashley:
And he says he’s the…