Episode #298

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!

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Join the Real Estate Rookie Facebook Group:
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Making $71K on ONE Deal After 5 Failed House Flips and Six-Figure Debt: https://www.biggerpockets.com/blog/rookie-279?utm_source=youtube&utm_medium=description&utm_campaign=none
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The Difficult Path to Wealth: Losing Money on Your First Real Estate Deal w/ JL Collins: https://www.biggerpockets.com/blog/money-285?utm_source=youtube&utm_medium=description&utm_campaign=none
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4 Important Steps to Bounce Back After Losing Money on a Deal: https://www.biggerpockets.com/blog/bounce-back-after-bad-deal?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Ashley and Tony on BiggerPockets:
Ashley: https://www.biggerpockets.com/users/echopm?utm_source=youtube&utm_medium=description&utm_campaign=none
Tony: https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none

Show notes at: https://www.biggerpockets.com/blog/rookie-298?utm_source=youtube&utm_medium=description&utm_campaign=none


00:00 Intro

05:26 Losing $100K!?

10:48 Timeline of the Deal

23:56 Key Lessons Learned

30:20 The Impact of Appraisals

35:14 What’s Next?

40:23 Find Your Niche!