Posted by HR on August 30, 1999 at 19:40:42:
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Don’t believe everything you see on television…especially the Real Estate infomercials! - Posted by Rose
Posted by Rose on August 25, 1999 at 12:08:20:
I just found this site and would like to share the true story of what happened when our family followed some of
this questionable advice re: making easy money in real estate.
Our family lost over $25,000 in the local real estate market. We also had to sell our beloved home of 8 years to pay off some of these massive debts. The stress from the financial problems, coupled with incredible tenant nightmares nearly cost me my marriage.
Our goal in the beginning was not easy money, but a well thought out long term investment strategy. My dear husband and I went into this with our eyes wide open. We read every book we could find and worked very hard for several years.
It was a mistake that took about 10 years to recover from. And I had a background in residential rehab and was a sucessful Realtor. I was no fool.
You can make money in Real Estate, but I sure doubt that you’re going to do it following the advice of these real estate gurus.
If I wrote a book about how to win the lottery by picking certain numbers, inevitably a few people would write back and say “wow, it’s amazing! I won a fortune by following her advice!” Likewise, there are some that will “hit the jackpot” by following the gurus’ advice. Many more will lose thousands.
I’m quite certain the odds for both the lottery and real estate millions are pretty darn close.
Above and beyond that, one of the biggest infomercial “real estate” gurus had his infomercial pulled from the air when the Federal Trade Commission found his claims fraudulent, misleading and illegal.
But note - the infomercial was not removed until the FTC was alerted and a thorough investigation begun. The wheels of justice do turn slowly. In other words, you can lie on the air, and until the deceptive statements are questioned, you’re free to sell all the books and tapes you want.
After we were back on our feet financially, we started a small business and have enjoyed success in that enterprise. We met many other small business owners and found that they too, shared our experience in catastrophic real estate losses. But once you’ve been in real estate, starting a new business and being successful is easy as pie.
Making money in real estate is probably the hardest way in the world to make money.
Rose Thornton
rosethorn@piasanet.com
Re: Don’t believe everything you see on television…my two cents - Posted by JR
Posted by JR on August 31, 1999 at 10:19:14:
Well Rose, looks like you’ve really started something here so here are my two cents worth. In 1981 I purchased a 20 unit property for 370,000. I was young at the time, 29 I think and I was ignorant too. I read one book and went out and did this deal. As I look back I’m not sure if I was also stupid or just arrogant. I could manage the property. I could maintain the property. No big deal. Afterall, everyone pays their rent and takes good care of the property, right? OH MAN, what a nightmare. The property ended up being a dog for several reasons and I was not astute (educated) enough to realize it when I went into it. I fought this property for about 7 years and was about to go under when finally the state took it off my hands for a highway project. So…the good and bad to the story. I get out from under a BAD property but because of 1986 tax reform, I was eaten alive by the capital gains tax. I too was in the hole big time. Know what? I wanted out of that property soooooo bad I didn’t care. I wanted out of real estate sooooo bad I didn’t care. You know, I could have avoided the capital gains by replacing the property but I chose not to. I had my fill and was just too burned out.
So here I am now 10 years later posting on a CRE BB. Am I stupid or what? Well people change, I learned a few things and I guess the bottom line is that I didn’t want to throw away that education. So, what did I learn?
- Failure is simply one step closer to success.
- Learn, learn, learn and never stop.
- Keep the emotions out of it. My purchase in 1981 was emotional. My decision not to replace the property was also emotional. One bad decision after another.
- I don’t like being a landlord (not because of toilets and faucets) so buy and hold is not for me.
- Know my market, know my market.
- Learn the strategies.
- Find the motivated seller and apply the appropriate strategy.
Oh, by the way Rose…like all the things we pursue in life, it’s much easier when you like what you do and RE is no different. Apparently, you’re happy and successful with your business venture. You can’t get much better than that. Good luck.
Re: Don’t believe everything you see on television…especially the Real Estate infomercials! - Posted by David Alexander
Posted by David Alexander on August 28, 1999 at 14:51:49:
Rose, I copied a post I wrote earlier, changed it up a little but the answer fits your circumstance.
Education needs to be in an overall understanding of business and Investing without you’ll probably stay in the same circle of life. People worry about the vehicle they use to get them there and not enough about the fundamentals of investing and business. Once you understand the fundamental basics, you could sell peanuts on a street corner and get wealthy.
So the real question is… Was RE for you? Can’t answer that one, but you felt you have. You still need to figure out investing and that needs to be in business, stocks and RE so that you are well balanced.
You should buy(run to the store) Rich Dad/Poor Dad, and the Cash Flow Quadrant both by Robert Kiyosaki. Then take a new look at your education and where your at. I’m betting that if you open your mind you’ll realize your education must continue and that RE just happened to be the first business that you lost money in(learned from, and payed for the experience) due to lack of education. We choose how fast our learning curve will be and don’t have to make the same mistakes others have if we realy decide to keep listening to everyone that has been there before.
David Alexander
If you think education is expensive - try experience. - Posted by John Behle
Posted by John Behle on August 28, 1999 at 13:13:43:
This is a perfect example. We don’t know the details of your loss, but in over 20 years of real estate investment experience, the losses I’ve witnessed are a result of TOO LITTLE EDUCATION.
Real estate can be a safe, simple and very forgiving investment - except when someone doesn’t know what they are doing - yet thinks they do. That is one of the real problems with some of the education out there. Since they charge thousands or sell to thousands on informercials, they give the pitch - you’ll learn everything you ever need to know!
A broad, deep, creative education in real estate from people who are BOTH experienced and knowledgable can keep you safe and make you wealthy.
The trouble with a few like McCorkle is that they have NEVER done it. As the news pointed out, he just hired actors and copied the Tom Vu infomercial - to make money. There are others that do the same. They just take others materials, re-package them and sell them.
As an example about ten years ago there was a seminar circuit where almost every speaker was a trained presenter with absolutely no experience. They were hired for their looks, voice and presentation skills.
That doesn’t necessarily invalidate the subjects they talked about. They talked about the forms of investment that the participants in this website profit from on a daily basis.
At one time a study concluded that over 90% of the world’s millionaires made their money in real estate investment. Just because some huckster tries to make money off of it through an informercial doesn’t invalidate one of the world’s safest and most profitable investments.
If it is pursued properly - and someone is serious about education. The tradgedies occur when someone tries to navigate a real estate investment plan with less education than they received in how to navigate a car - or even a bicycle.
Re: Don’t believe everything you see on television…especially the Real Estate infomercials! - Posted by Dan
Posted by Dan on August 27, 1999 at 21:33:15:
Hello, my name is Dan and I read your reply to Rose and I agree entirely.
I just started in the RE business myself and I have purchased 2 houses.
One house was a rehab ( practically a total ! ) and I did the majority of the work
myself. Materials cost 6,000 of a rehab job that would have ran 20,000 to have
it done.3 months later after its done I list it and have 32 responses in only 4 days!!
I go thru 12 applications to get a good one to approve and they have been the best
tenants anyone could hope for. Also I went back to the bank and refi and got
all of the money for the dwn pymt plus the rehab and also put an extra $10,000
in my pocket. I also still have almost $20,000 in equity left in the house!!! plus
I still make $150.00 a month positive income.
The second house I bought (next door to first) I listed it the next day and had 38
responses in only 3 days. It only took to the third app. to approve and they have been
great also. I picked it up with almost 30,000 equity and make $325.00 per month
pos. income from it!!!
Re: Don’t believe everything you see on television…especially the Real Estate infomercials! - Posted by Rob FL
Posted by Rob FL on August 26, 1999 at 15:43:35:
While I agree that some of the infomercial guru’s are con artists, most recently McCorkle, there are many with very good ideas.
I totally disagree with you that making money in RE is the hardest way of making money. I bought my first rental property at age 23 and just 4 months out of college, a duplex that I rented out one side and lived in the other. That was 6 years ago and that property now nets me nearly $400 every month. In addition to that, I have added more properties to my portfolio. One rule I learned very quickly is that if I can’t make a positive cash flow on the day I buy, then I do not buy.
I will admit that my first rehab property lost me about $2000, but like anything you learn from your mistakes.
In my opinion the hardest way of making money is being self-employed shop/establishment owner. Most of those people end up working 100 hours a week and still end up going out of business within 2 or 3 years.
I also would be interested to learn how you lost $25,000 in RE.
Re: Don’t believe everything you see on television…especially the Real Estate infomercials! - Posted by Alan Mag
Posted by Alan Mag on August 26, 1999 at 24:58:09:
Hello Rose and glad to hear you have pulled through it all. I just wanted to ask you if you might take the time to give more details or any details about what it is that went wrong. Its easy for us to understand you had some problems, but I think it may be of value more so if you could share more about the what and the how?
Thanks
Alan
Re: Don’t believe everything you see on television…especially the Real Estate infomercials! - Posted by Dan kelley
Posted by Dan kelley on August 25, 1999 at 16:55:24:
Please give us the details on how you lost $25000.
Re: Don’t believe everything you see on television…especially the Real Estate infomercials! - Posted by Jeffrey Short
Posted by Jeffrey Short on August 25, 1999 at 14:38:30:
Rose,
I think that if you read the success stories that are on this site, you will find alot of people who have made money by following a “guru’s” advice.
Are there some “less than honest” ones out there? Of course… there is no question about that. However, I would agrue that there is also “less than honest” small business owners…and even corporate business.
Your analogy comparing investing in Real Estate to the lottery is not correct. In the lottery, you pick a series of numbers and hope that these numbers come up on a nightly drawing. Most lose, some win…
Now, if this was true in RE then you would have to purchase ANY property…wait… and hope that a “lucky buyer” comes around and picks your property. It definitely doesn’t happen like that. You need to research the market, find a motivated seller that has a good property, and then go from there.
As a matter of fact, here’s a business where you can make a sale without having the “goods”! You can find a seller, figure what their parameters are, and work from there.
Yes, do the infomercials make it “sound easy”? Sure, its just like the infomercials that sell the “Gut Busters” and so forth. How many people do you think get the product, open it, and then say “You mean I have to WORK to get results!”
And which guru are you talking about that had the FTC pull their ads? McCorkale? If you are trying to compare him to Sheets, or to anyone else here; whether or not they have a book or course to sell…then you are making a big error. You also make it sound like the ad should of been pulled at the first person who said “I lost money”… Justice does take time; after all, we are “Inoccent until proven Guilty.”
Jeff
PS - Working for someone else is probably the easiest way to make money…unless of course you are on the government dole.
Re: Don’t believe everything you see on television…my two cents - Posted by lea
Posted by lea on August 31, 1999 at 13:17:10:
great post, SORRY to hear about your failure but we all know its like u said one step closer to success.
Re: Don’t believe everything you see on television…especially the Real Estate infomercials! - Posted by Rose Thornton
Posted by Rose Thornton on August 29, 1999 at 13:37:13:
Dear David:
I’ve been reading these follow-up posts and was grateful to see your compassionate and wise counsel. I agree with your comments. As Shakespeare said “Nothing is good or bad, but thinking makes it so.”
For years, I felt like such a failure. After all, “anyone can make money in real estate” and perhaps that is my greatest objection to these foolish infomercials - They promise quick and easy and certain wealth.
But one day, it dawned on me that if I went through life feeling like a failure that would be a more catastrophic loss than the financial losses.
I sat down at made a list of the good things that had happened to me as a result of these real estate investments. I saw that many good things had happened in my life. I’d learned management skills, how to prioritize, how to repair anything on any budget, negotiating skills, record keeping, and 101 basic business skills. Above all, I became a true Christian. (It’s true - man’s extremity is God’s opportunity!) Any my marriage did survive. A wonderful blessing.
You are 100% right - - once someone understands the foundational principles of honest endeavor and good business, success is an inevitable consequence. The way we find to express that success - business, investment, invention or other - is a detail.
As to how I lost $25,000 in Real Estate - long answer is about 240-some pages. I wrote a book about it. (published 1993) The short answer - Tax Reform of 1986 was a tidal wave that knocked us flat.
One example - Before TR-86, my fourplex was worth $103,500. (had an offer for that amount in 1985) I sold that building in 1996 for $65,000. I had paid $68,500 for the building in 1984 and invested $20,000+ in improvements. (it was a fixer-upper)
Our properties were near the Norfolk Naval Shipyard. The local economy went into contraction in the late 1980’s and early 1990’s. Our vacancy rates went from zero (we had waiting lists!) to 12% in a couple of years. Tenant quality also plummeted. Interest rates dropped. (good tenants became homeowners)
All these things were damaging. Together, they were devastating.
Curious - anyone on this list have a record of investing back to the early 1980’s? Things were very different then.
Thanks to all who posted the thoughtful, kind and compassionate responses.
My bottom line goal - is that folks be wise and informed and educated investors. There is too much hype on these infomercials. Way too much.
Thanks!
PS. I don’t agree with a former poster that said “self-employment is the hardest way to make money.” For us, it was a trillion times easier than real estate and a soothing [and needful] balm to our bruised self-confidence. Curiously, our business was an outgrowth of the real estate experience. Bottom line - to each their own. 
Re: If you think education is expensive - try experience. - Posted by Rose Thornton
Posted by Rose Thornton on August 29, 1999 at 13:57:23:
I’d venture to guess there are others (like me) who are intelligent, educated, thorough and capable, who have also lost money in real estate.
Before investing, I read more than 30 books on real estate investing and dozens on creative investing. I was a real estate agent when interest rates were 17%. Realtors created creative financing to stay in business!
I also spoke with experienced investors. (in the local area) I watched investors put deals together. I helped investors put deals together.
My point - intelligent and educated people also lose money in real estate. And ill-informed uneducated people can make money in real estate. There’s no formula to absolutely say “do this…and this will happen.”
I also watched my fellow investors go down like dominoes after Tax Reform of 1986. And the remaining survivors went down when our area went thru a contracting economy during the military cut-backs. (we were near the Norfolk Naval Shipyard) And then we had to face foreclosures, deficiency judgements, interrogatories, bankruptcy and then recaptured gain from ACRS.
Those boasting the loudest about making money in real estate with no money down (pre-TR-86) were running the fastest to hold onto their own homes, by the late 1980’s.
It only takes one ill-wind to bring down a house of cards.
I know I’m in an unpopular spot on this list - but thus far have been treated with kindness and compassion - for which I am grateful. But nothing gets my hackles up faster than to suggest that education automatically equals monetary gain in real estate investing. A side-winder (like tax reform & recession or many others…) could zap anyone.
Rose Thornton
Rose, I respectfully disagree - Posted by HR
Posted by HR on August 27, 1999 at 21:33:39:
Rose,
I am sorry to hear about your rei loss. I agree with some of your points, but you are missing the boat about rei. I agree with Rob.
There is no question the rei field is loaded with cons. No question it is hyped beyond belief. No debate that these guys make is sound far easier than it is.
But there is also no question that this stuff can generate wealth fast, when you know what you are doing. I respectully disagree: rei is the EASIEST way to make money fast, not the hardest. (But that still doesn’t mean it is easy!) And it is definately not based on luck: it is a matter of knowledge, skill, and experience. And the more knowledge, skill, and experience you have, the more likely that you make a good choice and not a bad one.
I am sorry about your bad choice. It appears it led you into a more favorable entrepreneurial direction, and congrats on that. Many folks have stumbled out of the gate the first few times, though. Sounds like your experience was so painful that it just wasn’t worth taking the chance again, and I respect that.
I would agree with you, and I think your post is extremely valuable, in pointing out that there are serious risks in this business. It is, after all, a business. Most businesses fail. This is no different. The late night sales folk, enthusiastic posts, tales of success…these can all cloud the fact that bad deals are a reality (and maybe are more frequent than good ones). You need to know what you are doing, and even when you do, something can go wrong outside your control. This is a risky business.
But, it is also an extremely rewarding business. My first deal (in which I used no one’s course; only my own common sense) made me $100k. It would take me two years at my job to earn that, and it would take me a DARN long time to ever save that. I recently used that 100k equity in my home to buy two doubles. As I post this, the workman are working for me right now fixing up my investment. When they finish, and I refinance, I will pay off the home equity line of credit, each double will have 20k of equity and a $+250/month positive cash flow. They will be no money down deals.
How long will it take you to make 40K? How hard will you have to work? I am certainly working hard to find these deals, evaluate them, manage them as the general contractor, and then oversee the tenants as the property manager. This is a heck of a lot of work. But I am handsomely rewarded. And I’m not lifting a hammer. From start to finish, this whole deal will take about four months.
Done well, re investing will reward more often than it takes away. But it must be done well. That is the key.
Thank you for your post; and good luck with your business pursuits. Consider jumping back into rei; I suspect you learned a lot of valuable insights that would help the second time.
Respectfully,
HR
Re: Don’t believe everything you see on television(id also be interested in hearing how u lost 25k) - Posted by LEA
Posted by LEA on August 27, 1999 at 18:17:46:
id really be interested in finding out how u lost so much money in re thanks
Great post (and text) - Posted by Mark (SDCA)
Posted by Mark (SDCA) on August 26, 1999 at 10:38:55:
You could not be more RIGHT about REI vs. the lottery. The chances of winning the lottery are worse than one a million and there is nothing you can do to improve the odds. The odds of “winning” at REI are much better than that and you CAN move the “odds” in your favor. I believe that buying well situated, income producing property in a medium sized or larger town, most people will do quite well.
However, REI is just that: an investment. Do people lose money investing in say, IBM or Citibank or Amazon.com? Yes. But no one is saying that the NYSE is a scam. It is risk capital and should be treated as such.
As for the gurus… Anyone who reads this forum regularly knows all about McCorkle, Del Dotto, Tom Vu and so on. But I would not put Carleton in this catefgory. He does sell a reputable, useful product. Is it the best on the market? Probably not. Is it a scam? No. (I purchased it myself a few years ago.)
Cheers,
Mark
Re: Don’t believe everything you see on television…my two cents - Posted by JR
Posted by JR on August 31, 1999 at 15:57:24:
Lea,
Thank you but no need to feel sorry, failure is part of life. Remember, failing does not make oneself a failure just as having success does not make oneself successful. What we do with our successes and failures determines our course in life.
Re: Don’t believe everything you see on television…especially the Real Estate infomercials! - Posted by jchess
Posted by jchess on August 31, 1999 at 22:54:28:
I agree with some of the posts relating to the real estate gurus. You need to be careful, it’s probably better to learn the ropes at your local real estate club (need to find a good one) and this website. Slowly, you should starting purchasing some materials from the website. Once you have digested the information, then you need to start appling it. My construction company has been very successful during the past 8 years. It has provided me with exceptional income and allowed me to dable in investing. The results have been good and bad.i.e. About 3 years ago, I decide to purchase a small grocery business with my father (who is also my partner in the construction business) and we allowed an “uncle” to manage the store for us. (Big mistake, $180,000. mistake). Cash business need their owners to be there all the time. To make a long story short, I got creamed with the store, but since that episode. I have purchased 5 properties. I have cashed out about $26,000. and have about $100,000. in equity in the properties I kept. It goes to show you that we all make “big” mistakes, but we must all turn around and face the tiger once again. Good luck to all, and keeping chasing your dreams!
Re: If you think education is expensive - try experience. - Posted by John Behle
Posted by John Behle on August 30, 1999 at 12:02:51:
I did not direct my comments particularly at your situation, but now that I’ve read the details you provided the statement is the same.
Further education CAN prevent problems just like you experienced. If you are interested, I can point out exactly where.
Many investors were hurt by TR86. MANY were not. Some profited substantially from the opportunities. Strategies are shaped by education. The buy and hold philosphy is only one approach to real estate investment. Investors can be devastated in a declining market if they do not adapt at times.
Seattle when Boeing shut down for a while is a prime example. We always here about the billboard put up that said “would the last person to leave Seattle please turn out the lights”.
What we don’t here is the incredible profits made by Canadian investors and others that follwed a different strategy.
This post and my other were not meant to be offensive. I’m sorry you took it that way. Yet, when you try to paint one of the safest and most profitable investments available as you did in your post, a response is justified.
To refresh our memories, you said:
- “You can make money in Real Estate, but I sure doubt that you’re going to do it following the advice of these real estate gurus.”
I don’t argue with that. It’s always been my message. At the best the infomercial guru material is VERY basic and inadequate. A few succeed - thousands are under prepared and fearful. At the worst, some of the promoters and material promoted is outdates, dangerous, ethically challenged, impractical, etc.
In my mind, an idiot that creates an infomercial and calls himself a “guru” (I hate that term) - is still an idiot. McCorkle is a shining example of that. Others like Sheets are a good basic start - but I maintain NOT ENOUGH. Education should be continuous - especially in light of changing marketplaces and economies. A quick seminar or series of books (even 30) is still like a basic accounting course. No one would have much success as CFO of a corporation with one basic course.
Or, what comes to mind is flying a plane. The weather changes - your strategy changes. Mechanical problems in flight are compensated for with KNOWLEDGE.
It’s a simple tradeoff scenario. The more you learn through education - the less you have to learn through experience.
You then compared real estate to the lottery. The same odds. Many, many thousands of people could dispute that. It just isn’t true. Unless…you are comparing the odds of someone just having a “McCorkle experience” being successful. We’ve even had some people here post that they are successful and that was their start.
Emphasize START. There are legitimate success stories behind some of these informercials. What they don’t tell you that is almost always true is that that might have been the start of their more extensive education.
For example, an informercial a few years back had a husband and wife success story on promoting a “guru”. What isn’t on there is that they were totally floundering and had gone nowhere in over a year until they came to some one day seminars I taught. I’m not saying that because it was my seminar - that’s just how I know the circumstances. The husband came to a one day seminar and then came back in two weeks to another. He asked to say something and related that he had done nothing in over a year and was very frustrated, but after attending the one day seminar had bought four notes at over a 31% yield through what he learned. Next time I saw him was on the informercial.
Another infomercial had an older couple that was buying many notes. They had not done anything with the education they had learned from the “guru” doing the infomercial. After two weeks of education (and much handholding) through me, they began having success. I was shocked to see them on the infomercial, but it became clear when they showed up as one of the funding and referal sources for the students. Their endorsement led to a great deal of business for them.
The point being, it is very rare that someone has any substantial success from only a basic education. Some do, but the majority that see any success go on.
At the same time, it is not the only factor and many use education as a “drug” to avoid actually getting out and doing anything or taking a risk. Like the risk of actually writing offers and being rejected.
I’ve seen thousands of successful students. I’ve seen thousands of unsuccessful students. I’ve seen people that amaze me they accomplished what they did. I’ve seen educated and experienced investors go down in flames.
Yet, through it all, it is rare that someone that broadens and deepens their education gets burned. It is also rare that someone that only has a basic education experiences a great deal of success.
I’m searching hard to think of an experienced, well trained investor that couldn’t have prevented their problems. Two came up that didn’t have insurance on their properties. That’s preventable.
One comes up that went into bankruptcy. I wouldn’t put him into the educated category, but he was a go-getter. I watched as he used some very poor property management techniques to “P!ss Off” the wrong tenant who reported him to the health department and all the repairs on his run down properties torpedoed him. He is now wealthy because he bought his own properties back at discounted prices at his bankruptcy. His situation was preventable.
I think of another investor that was experiencing great success in the note business. He was lured into car notes and burned bad by a used car dealer. More education or following what he already new would have prevented it.
Some of the guru’s that have gone down the tubes had absolutely nothing to do with their real estate investment or knowledge.
One - was burned bad investing in a health spa and through pursuing his declining seminar marketing efforts (specifically because he was trying to drive his competitors out of the business).
Another - lost over a million when his new house was wiped out in a mudslide - without insurance. Lost a great deal investing in a restaurant chain and the movie business.
Another recently closed down most of his companies that were involved in selling home based businesses and a multi-level company. Yet, he’s weathered many ups and downs in his seminar business through an extensive real estate and note portfolio.
Please don’t feel insulted here. That is not the intent. I have seen many situations like yours and it is one of the major reasons I am involved in the education industry. I do all I can to help people prevent the potential losses and risks.
I am very glad you’ve survived, learned and grown. I’m thrilled your business is working for you. I’m sorry the lessons had to be so painful.
I’ve seen people and families that didn’t survive. That is exactly why I encourage education and refuse to make get rich quick promises and claims. I won’t do an informercial. I won’t run down the isle with a hundred dollar bill or stand on tables shouting about student success stories.
Just a couple days ago I helped talk a student out of investing in my one year coaching program. There is no way I would see him risk his family or future by not having the immediate stable income that he was being offered in the insurance industry. Some students need to be encouraged to jump and take a risk - many need to be encouraged towards stability. To me family, faith, relationships and peace of mind are the primary goals and should never be sacrificed (or put at substantial risk) in favor of monetary rewards.
Re: Don’t believe everything you see on television(id also be interested in hearing how u lost 25k) - Posted by Rob FL
Posted by Rob FL on August 27, 1999 at 18:35:46:
I really don’t consider $2,000 a lot of money to lose. I guess it is if you don’t have it.
It was my first rehab property and I underestimated the rehab costs. The property ended up needing the roof replaced and had some termite damage which I didn’t anticipate. On top of that it took me about 7 months to sell it which was longer than I expected and the carrying costs added up.