Hey guys, I’ve got some good info to share with you today that will either serve as a good reminder for longtime investors or be a great lesson to newbie investors.
I made this brief video about it while I was out doing deals…
It’s all about your gut, aka your inner voice, intuition, instinct, a sense, ‘that feeling.’ Look, whatever you call it, my point, as you’ll see in my video, is to pay attention to it!
It’s probably happened to everyone at one time or another. For whatever reason, I (stupidly) ignored my gut and got into a pesky situation that had some crappy consequences.
In my video, I tell you about a house that I bought at auction to flip and the trouble I got into with a supposed investor/buyer. I’ll admit it, my Spidey sense was definitely tingling when I first saw the contract this ‘buyer’ had put together…
There were two bright red flags smacking me in my face: No earnest money down and a strange closing timeline.
I should have called it quits right then and there, but I really thought I was gonna be able to make a quick $10k on the deal.
The terms were nutty, but I wanted the deal so badly, I (stupidly, again) signed the contract. It only got worse from there, as you’ll see in the video, this ‘buyer’ was a bad dude.
My Teachable Mistake
So, why am I outing myself by sharing this mistake with you all? Well, I want you to learn from it and hopefully avoid something like this in your deals.
I include exact numbers about this deal and where it all went so wrong so you can really understand what happened. Check it out and please, don’t do what I did.
As always, let me know what you think. I’d love to see your thoughts and comments below. Got any questions? Hit me up!
So, what did you think? Was this helpful? Do you have your own ‘war story’ you’d like to share with us? We’d love to hear from you below!
1. Listen to Your Gut – That’s not last night’s dinner not sitting well – it’s your intuition telling you something is wrong. Make sure you listen!
2. Know the Importance of Earnest Money – Never accept a contract without it. A contract with $0 earnest money is one factor alone that should be a major clue that something is fishy.
3. Use Your Contract – Don’t let someone else use their contract for a deal. Use your paperwork, your terms, your details.
4. Drive Safely – Yeah, I was taping this video while driving, but I paid attention to the road, only looking at the camera occasionally. Definitely don’t text and drive!
Hope this helps you get more deals and make more money as a real estate investor
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