Lesson #1
Keep your fucking mouth shut!!!
I learned this lesson hard today.... Went in to see my hair stylist, who is a buddy of mine and also a real estate investor. A couple of months ago I was in there to get my hair cut and we always shoot the shit about the properties we have and what we are looking at buying.
I had an awesome chance at buying a huge lot with a massive commercial building right in the middle of town. The lot was almost an acre in the downtown core! Long story short the building was in distress and needed a considerable amount of work done to it ($75k plus in renos to start) But the rental income was over $7000 a month.
I saw the longterm money in this deal and decided to lowball the seller on the price so I could put the money I saved into renovations to fix up the building. My investors would not agree to this deal due to the amount of work involved and the deal fell apart.
I went and to get my hair cut and told my hairstylist guy about this great deal on this awesome property and I was trying to get it worked out. A few weeks later I teamed up with another investor buddy of mine and we decided to go after the same building. Then as we went to re-open negotiations I find out the building sold?? It's been up on the market for over a year and a half and no buyers the whole time??!!
Long story short, my "friend" the hairstylist went behind my back 1 day afterwards got some investors together and bought this property. The deal closed the day we got our shit together for another offer....
Just goes to show you to always keep your mouth shut when you have a good deal... This property could have made me millions in the long term but oh well I only have myself to blame.
I hope this post will at least encourage some of you to keep your mouth shut if you have a good thing going. Please learn from my lesson.
DH
Keep your fucking mouth shut!!!
I learned this lesson hard today.... Went in to see my hair stylist, who is a buddy of mine and also a real estate investor. A couple of months ago I was in there to get my hair cut and we always shoot the shit about the properties we have and what we are looking at buying.
I had an awesome chance at buying a huge lot with a massive commercial building right in the middle of town. The lot was almost an acre in the downtown core! Long story short the building was in distress and needed a considerable amount of work done to it ($75k plus in renos to start) But the rental income was over $7000 a month.
I saw the longterm money in this deal and decided to lowball the seller on the price so I could put the money I saved into renovations to fix up the building. My investors would not agree to this deal due to the amount of work involved and the deal fell apart.
I went and to get my hair cut and told my hairstylist guy about this great deal on this awesome property and I was trying to get it worked out. A few weeks later I teamed up with another investor buddy of mine and we decided to go after the same building. Then as we went to re-open negotiations I find out the building sold?? It's been up on the market for over a year and a half and no buyers the whole time??!!
Long story short, my "friend" the hairstylist went behind my back 1 day afterwards got some investors together and bought this property. The deal closed the day we got our shit together for another offer....
Just goes to show you to always keep your mouth shut when you have a good deal... This property could have made me millions in the long term but oh well I only have myself to blame.
I hope this post will at least encourage some of you to keep your mouth shut if you have a good thing going. Please learn from my lesson.
DH
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