My $10,000 Real Estate Investing Mistake | Real Estate Investing 101

Real estate investing always finds a way to throw a curve ball at you. Hopefully you can learn from my mistakes & real estate investing tips
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My $10,000 Real Estate Investing Mistake | Real Estate Investing 101
0:19 – The beginning of my real estate investing story
1:15 – Entering a contract to sell the property
2:29 – The 30 physical day due diligence period ended
3:31 – Why I’m not too stressed about the real estate closing delays
4:27 – Real estate broker putting pressure on the buyers
5:05 – Where the $10,000 problem starts

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Give the majority $200 and they will come back with a pair of shoes. Give the minority $200 they will come back with $2,000.

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Snapchat @M2JaspreetSingh
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Based in Detroit. #Punjab
Jaspreet Singh

20 thoughts on “My $10,000 Real Estate Investing Mistake | Real Estate Investing 101”

  1. Sue. Sounds like they tried to play you. People should stop trying to do dirty business and just be transparent. Situations like this cost everybody money time and hack at your ability to trust when you play all the selfish cards. I think it might be best to sue. Who else are they gonna do it to, you know?

  2. Are you going to do a video about net neutrality? Do you think it's going to hurt small online businesses like dropshipping?

  3. Though I am a real estate agent now I used to be a realtor. What it sounds like is the agent fully missguided you. A lot of times they will tell you whatever just to get the deal to go through. However now asone investor to another I would always tell you that sometimes we win sometimes we lose, it's part of Real Estate.

  4. If a lawsuit is gonna cost u more than 10gs I wouldn't if not he'll yea. They wasted time and time is more valuable than money

  5. Honestly, as an agent that's unacceptable. If you don't deliver the deposit in compliance with the timelines outlined in the contract the purchaser is in default. I would find a new broker, that should never ever happen. There should always be language on when, how, and who is going to collect as well as hold the deposit. Typically, I give 72 hours after acceptance of the agreement to purchase to deliver the deposit. Sounds like you also got strung along a bit. To prevent that, I usually ask for a stepped up deposit for each additional due diligence period to show good faith that the purchaser is going to proceed and not keep you tied up. That broker sounds like a rookie, sounds like an EO claim to me. As far as how you should proceed that's definitely something you would consult with an attorney about (I'm sure you're very aware).

  6. sue him mate you're not a charity. if you're a charity don't worry and give the house away for free. those buyers we're hustlers. 😀

  7. My amateur opinion is to sue the lawyer so that the insurance company gets the money to you Jaspreet. Then they'll probably go after the couple.
    And to feel less bad about the situation, maybe you can donate 2 thousand from the 10 thousand to a charity. Something like that. E.g. 1K to St. Jude + 1K to Red Cross

  8. I would give the broker 2 weeks to find a new buyer that agrees to pay 15-20.000 EMD and closes in 1 month. You said you are not desperate to sell right now so waiting a bit could prove beneficial for all parties included. This way the broker will work harder and you can still remain in good terms with him. Just my opinion.

  9. You go after the broker for the 10k for three reasons:
    1- you allow the emotions in, and all step over you.
    2- its business, no emotions
    3- the broker lied once, why he is not lying again. “i mean here what make it sure that he collect the $10k but lying about it”

  10. I’d get your earnest money. It’s just business. That’s what the contracts stated. Nothing personal. But you went outa your way to uphold your end of the deal. Even gave several extensions that you didn’t need to. Figure you’ve been more than generous. Maybe this needs to be a lesson not so much for you but for that broker?

  11. I would see the options as a $10,000 lesson or a lesson plus $10,000. But you're probably looking for an experienced answer which mines isnt so I hope you make the better decision. And thanks for sharing this with us. It's great lesson

  12. I think is sounds like your broker failed to do his job right by not collecting the deposit when he should have. It's up to you and your attorney to decide if suing the broker will be a good use of your time and money but he is responsible in the end for giving you 10k

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