My WORST Real Estate Investment Deal – A Nightmare Property | Real Estate Investing 101

This is my WORST real estate investment property – the only deal I lost money on. It’s easy to laugh now, but it was a very stressful situation. I didn’t have any guidance when I started real estate investing, I just jumped in with both feet. Learn from my mistakes so you don’t do what I did!
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My WORST Real Estate Investment Deal – A Nightmare Property
Advice | Real Estate Investing 101
1. Always get a private property inspection, the city inspection, and your contractors inspection + estimate prior to purchasing
2. Coordinate with your management company on how showings are to be done
3. If property inspectors are not doing what they should, speak to a supervisor ASAP
4. ALWAYS sign a contract (drafted by an attorney) with your contractor
5. Use a licensed and insured contractor
6. Don’t rely on the advice of people who have no financial interest!

What Is The Minority Mindset?
The Minority Mindset has nothing to do with the way you look or what kind of family you’re from. It’s a mindset.

Give the majority $200 and they will come back with a pair of shoes, but if you give the minority $200 they will come back with $2000.

Think from the mindset of a consumer and be the provider, that’s the Minority Mindset.

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Based in Detroit. #Punjab
Jaspreet Singh

18 thoughts on “My WORST Real Estate Investment Deal – A Nightmare Property | Real Estate Investing 101”

  1. LOL, $5500 for a rehab. You deserve what you got. You Cheap SlumLords are all the same, hire unlicensed bums off the street corner or an employee from a Licensed Contractor and get Screwed in the ass with KY. Must of you are not American either, ALWAYS trying to get over. Now you are on here riding this wave.

  2. I knew within the first 10 seconds that the house was going to be in Detroit. I looked into buying a rental in Detroit a couple years ago. My biggest hang up is everyone wants to sell Quit Claim Deed. I already know how bad the corruption is in Detroit so this just didn't sound appealing to me. Needless to say, I never bought anything in Detroit.

  3. It sounds like you are just a really good-hearted (young) person, thinking that because you wouldn't do something slimy, other people wouldn't either.

  4. you should carry a phone or something and stream the discussion with any inspector from the city to ensure that you have a proof of what you were told by them so it can be charged back to them instead of paying it yourself.

  5. Moral of the story, cutting corners ends up costing u more in the long run, and don't trust anyone, get everything in writing. At the end of the day, business is business, and everyone is out for themselves.

  6. Dealing with contractors is the biggest X factor on any real estate investments. Its easy to know the potential rent and ARV but the rehab can go crazy!

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