Investor · Brest, Brittany · Member since 2013 · 5 posts · 3 votes
I'm glad I found BiggerPockets as it is exactly what I was looking for. A well educated, passionate forum populated with REAL individual real estate investors. I've done a few deal in the past and made mistakes, lost some money along the way but it was a learning experience. Being in a high tax bracket in France, I'm so far mainly interested in making deal(s) that can also help me decrease the tax pressure on our family while increasing our assets base.
looking forward to exchanging with the community, be it from US, France (not sure there are members from France) or anywherelse.
Hello Johan. Welcome! I lived for a short time in Larmor Baden. Now I am doing real estate in Hawaii (Kailua Kona area.) Let me know if you're interested in this market. Aloha. Ted
With the first one many years ago, I was still living in Paris, France. I decided to buy a commercial property in my home state. I did it but I delegated the search to my dad. he was very helpful but I should not have done that. No delegation on critical activities. On my side I focused on the financial side, working out the specifics with the banks. To make the story short, we had a tenant. It took me 5 minutes discussing with the boss of that company, having already bought the property, that they would go away in 3 years as they were building a new complex for the company. I should have done a better diligence, give more phone calls, ...They left but dit not respect the terms of the lease. I took a lawyer and after months of negociation, they gave in. They lawyer asked me right off the bat if I had a specific clause in the lease. Too bad, I had not. With that one, we would have spare months of negociation. We had a deal that enabled me to stay afloat untill we would have found a another tenant. We did not find one but I manage to sell the property to a buyer that was interested. We had to take some loss but not too much hopefully. Big lessons: be the one doing the critical activities especially upstream of the deal ; know your lease terms ; do not be afraid to go in the lions' foss you won't be killed anyaway. That was a good learing experience that cost us but not too much.
2 other errors that I did, it was for an condo that I was buying for myself and later to rent it. I found the perfect appartement in my city with a nice view on the ocean from the last floor of the building. I was on business trip. I said I would sign the buying act by the end of the week. When the real estate agent called me, I was really tired. Maybe she thought I was not enthusiastic enough about the deal. Bottom line, when I arrived the following saturday morning to sign it, she said that the seller already signed with someone else the day before ! 1st lesson: act fast when you know you found a gem. Then, I had disapointement kind of felling. Then I bought another appartment while still being fine is not yet what I wanted. 2nd lesson, I should have grieved that first lost deal, so to be back in a clam state of mind.
Hello Johan. Welcome! I lived for a short time in Larmor Baden. Now I am doing real estate in Hawaii (Kailua Kona area.) Let me know if you're interested in this market. Aloha. Ted
Well, I'm quite surprised to find someone here who lived in Morbihan :) Such a nice place. One day maybe i'll be interested in hawai real estate but for now no. Just being curious. What were you doing in Larmor?
Wow, well, unfortunately we all typically have to pay for our education in the beginning by failing a few times. Sounds like you analyzed the issues that you had and learned from them which is definitely key. Don't let it get you down and keep going! Thanks for sharing your experiences.
it's like learning how to walk or bicycle, can't be done without falling down but it's part of the learning curve. The worst would be to stay down. I would say, secret, which is not one BTW, is try, fail, repeat until succeeding, well in short commitment.
By exchanging on BiggerPockets, I think it will be very helpful in knowing where others failed so to try to avoid the pitfalls on which they fell.