Updated almost 12 years ago on . Most recent reply
First Deal Fail
Good Afternoon BP,
I talked about my potential first real estate deal a few months ago and how we were close to closing on the deal. Unfortunately there where major foundation and water problems going on with the property that led me and my partner/real estate mentor to walk away from the deal.
Even though I was very disappointed that I was so close to finally closing on my 1st rental property and it fell through I'm still very passionate about real estate and becoming a full time investor in the future. Once this deal fell through I had use the money to take care of some personal matters, so right now I'm trying to build capital for the next potential deal that comes my way.
So for all the newbies out there if you don't succeed on your first deal keep it at and learn from your mistakes, I'm sure you will break through and be successful.
Most Popular Reply
I wouldn't say this was a fail. You uncovered major issues that led you to pass on the property which probably saved you a lot of money and time. I say that's a win. If you would have ignored the issues and bought anyway I might consider that a fail!