About this episode

Bill Allen discusses his experience of losing $70,000 on a real estate deal and the lessons learned from it.

I made the rookie mistake and bought a deal outside my buy box. A $40,000 rehab turned into $85,000. The property sat on the market for 12 months! I dropped the price, refinanced it, turned it into a short-term rental, and eventually sold it three years later at a $70,000 loss. In this episode, I break down what a bad deal actually takes from you. We go over: - The $40,000 rehab that became $85,000, and the one thing I missed during due diligence that caused it - Why the $70,000 wasn't the number that kept me up at night - The moment most new investors quit, and why it has nothing to do with money - What a professional poker player taught me about losing in real estate - What to do right now if you're sitting on a deal that's gone sideways If you're in a deal that's gone sideways, or you took a loss and you're starting to wonder whether this is even worth it, the answer is not to be more careful in some general sense. The answer is to get around people who have already survived a bad deal and navigated out of it, people who can tell you exactly what they did and what they wish they had done differently. That room is called 7F Runway. An action-oriented mastermind built for…

People in this episode

Host: Bill Allen

Topics covered

• real estate investing
• loss management
• flipping houses
• entrepreneurship
• persistence
• mastermind groups

Keywords

• real estate
• flipping
• loss
• rehab
• investing
• mastermind
• persistence

Mentioned in this episode

Organizations: 7F Runway, 7 Figure Flipping

Places: real estate

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