Can you guys tell me what you think about this

Rehabbing & House Flipping
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Can you guys tell me what you think about this

Carlos Tovar
Member since 2019 · 12 posts · 5 votes

My name is carlos.. I been flipping houses for 3 years and I have done well.. I am worth a million liquid and 500 grand in assets I currently have 3 Shortsales pending with very good approvals coming..

I am in the queens New York area

My problem is this...

I bought a mansion to flip with my business partner and friend damian...long story short it was a disaster.. I spend way to much and bleeding money every month.. it took us a yeAr and a half to get rid of the tenant every month is 13 grand out my pocket... I believe I am going to lose a nice amount of money on this deal... my attitude is always been... you solve a money problem by making more money... I flip 3 properties and got pending approvals for 3 more... long story short... my attitude is eventually I sell it and whatever the **** I lose I make it back..

I am being to confident or is this a good attitude to have..

Carlos

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Eric M.
Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
6y
Originally posted by @J Scott:

Sounds like you're trying to justify making bad financial decisions by saying you can make more money later. 

Instead, why not just make better financial decisions in the first place?  If this property is going to lose you a lot of money, why not just dump it now and move on as opposed to spending both money AND time continuing to deal with it?

I think the tone he wrote the post in was not the greatest but I don't think he is trying to justify bad decisions. He seems to be owning his decisions. He is trying to get in a frame of mind to accept the reality of the losses, which isn't always easy. Telling yourself it is ok, don't get down...you can make it back is an ok attitude to boost your mood when you make a mistake and to help you keep going. It is not an ok approach to all decision making because it lets you be sloppy, but I don't see evidence of that here.

He can't go back and remake the decisions on this house so saying don't make mistakes in the first place doesn't really help. Certainly he can learn lessons.

Maybe the best decision is to sell now, maybe the best is to complete the project. We don't have nearly enough information to make that recommendation.

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  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
    6y

    Sounds like you're trying to justify making bad financial decisions by saying you can make more money later. 

    Instead, why not just make better financial decisions in the first place?  If this property is going to lose you a lot of money, why not just dump it now and move on as opposed to spending both money AND time continuing to deal with it?

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    6y

    We all lose money on deals from time to time. Stop the bleeding and move the property to someone else.

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  • Greg Dickerson
    Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
    6y

    @Carlos Tovar the philosophy of solving money problems by making more money is not a sound approach or a long term solution. The money will run out much faster than you think and you may not always be able to make as much as you think as fast as you need to.

    One of the biggest mistakes people make in business is getting away from what made them the money to begin with. I recommend you focus on what made you the money, systemize it and scale. Stick with what you know and what your good at and do more of it. Thats how real wealth is created.

    2Reply
  • Eric M.
    Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
    6y
    Originally posted by @J Scott:

    Sounds like you're trying to justify making bad financial decisions by saying you can make more money later. 

    Instead, why not just make better financial decisions in the first place?  If this property is going to lose you a lot of money, why not just dump it now and move on as opposed to spending both money AND time continuing to deal with it?

    I think the tone he wrote the post in was not the greatest but I don't think he is trying to justify bad decisions. He seems to be owning his decisions. He is trying to get in a frame of mind to accept the reality of the losses, which isn't always easy. Telling yourself it is ok, don't get down...you can make it back is an ok attitude to boost your mood when you make a mistake and to help you keep going. It is not an ok approach to all decision making because it lets you be sloppy, but I don't see evidence of that here.

    He can't go back and remake the decisions on this house so saying don't make mistakes in the first place doesn't really help. Certainly he can learn lessons.

    Maybe the best decision is to sell now, maybe the best is to complete the project. We don't have nearly enough information to make that recommendation.

    3Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    6y
    Originally posted by @Eric M.:
    Originally posted by @J Scott:

    Sounds like you're trying to justify making bad financial decisions by saying you can make more money later. 

    Instead, why not just make better financial decisions in the first place?  If this property is going to lose you a lot of money, why not just dump it now and move on as opposed to spending both money AND time continuing to deal with it?

    I think the tone he wrote the post in was not the greatest but I don't think he is trying to justify bad decisions. He seems to be owning his decisions. He is trying to get in a frame of mind to accept the reality of the losses, which isn't always easy. Telling yourself it is ok, don't get down...you can make it back is an ok attitude to boost your mood when you make a mistake and to help you keep going. It is not an ok approach to all decision making because it lets you be sloppy, but I don't see evidence of that here.

    He can't go back and remake the decisions on this house so saying don't make mistakes in the first place doesn't really help. Certainly he can learn lessons.

    Maybe the best decision is to sell now, maybe the best is to complete the project. We don't have nearly enough information to make that recommendation. 

     Phenomenal reply here, could not agree more with Eric.

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  • Eric M.
    Flipper/Rehabber · Louisville, KY · Member since 2008 · 1k+ posts · 1k+ votes
    6y

     Thanks Will, I appreciate that comment.

    0Reply
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