Can you guys tell me what you think about this

[Carlos Tovar]

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

[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.