This Apartment Loses $3000/month | 5 Stupid Real Estate Mistakes
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Over the past decade, a real estate investor has acquired $50,000,000 worth of properties without using personal funds, amassing over 300 rental properties and growing a flipping company to handle 300 properties annually. Despite initial success, rapid scaling led to purchasing bad deals due to ego and less thorough underwriting, resulting in significant monthly losses on some properties. Poor cash management and the need for additional funding from private lenders further complicated the situation. Tenant management also suffered, causing occupancy rates to drop, but a renewed focus has improved these rates significantly. Large projects required different underwriting, leading to budget overruns and unexpected costs, such as a $50,000 fix for poisonous water in a hotel. Scaling issues have hindered current growth plans, but the investor aims to add $2,000,000 to $3,000,000 in rentals in 2024, emphasizing the importance of lessons learned, diversification, and transparency.
Over the past decade, a real estate investor has acquired $50,000,000 worth of properties without us