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Lessons Learned from a $75K Mistake | EP. 58

Lessons Learned from a $75K Mistake | EP. 58

FromThe FasterFreedom Show: Change the Way You Think About Freedom


Lessons Learned from a $75K Mistake | EP. 58

FromThe FasterFreedom Show: Change the Way You Think About Freedom

ratings:
Length:
26 minutes
Released:
Feb 6, 2023
Format:
Podcast episode

Description

A wise person learns from the mistakes of others. Be that wise person and listen to this wound-licking episode of The FasterFreedom Show. Sam and Lucas are the ones licking their wounds on a ‘fix n flip’ that is likely to cost them $75K. It’s not all rainbows and butterflies in real estate – and today, the guys are discussing a pretty big loss on a ‘fix n flip.’ There are lessons to be learned from evaluating your holding costs and not rushing the rehab. Letting a house sit on the market for nine months is enough time to have a baby (as Sam points out). So what’s their plan going forward? Listen in and learn — there are always alternatives to minimize the damage. There’s also a giveaway worth $25K. And a dog in the studio that’s not behaving itself. And the ‘Net Worth Game.’ It’s classic Sam and Lucas — being honest, authentic, and transparent about what’s working for them in the real estate game. Come and get it! Here is the giveaway link! https://upvir.al/142510/lp142510“Rushing it, and cutting corners, and doing things like that, usually doesn’t help. Especially in a market that’s not crazy, crazy, crazy hot.” - Sam Primm“Our initial budget on this house was $60K. When we listed the house, we ended up spending $75K. In the last two years, you could get away with that, but when this market shifted, that’s not something you can get away with. You’ve got to be really dialed in on your estimate to actuals — and have those be as close as possible.” - Lucas WallsIn this Episode:-Why you should NOT rush a rehab-The cons of trying to do work on a listed house-Making first impressions count when you do list-“You don’t want some stank on your house!”-Listing your house too high-Evaluating your holding costs-What do you do if your property sits on the market for nine months? -The $25K giveaway — explained and hyped up!-How much are Robert Downey Jr. and Chris Pratt worth?And more!Connect with Sam and Lucas:- Website- Instagram- Facebook- LinkedIn- YouTube- TikTok
Released:
Feb 6, 2023
Format:
Podcast episode

Titles in the series (100)

It’s time to take control of your future and secure monthly cash flow. Not talking about your annual raise or getting a bigger bonus check, either. We’re talking substantial wealth that can transform your life and the generations that come after you using the power of real estate investing. If you have been plugging away at the same job for years and feel like you should be way further along by now, making substantially more money, You are not alone. So many people regret not taking action sooner, so they stick with the dead-end job and nothing ever changes. But the good news is it’s not too late, and by listening to Ordinary Guys, Extra Ordinary Wealth you’ll already be well on your way to financial freedom. Ordinary Guys, Extra Ordinary Wealth is going to teach you the exact methods that have helped hundreds of people go from making their first investment with no experience, to multi-millionaires with incredible portfolios that generate monthly passive income… and the best part, they did this without using any of their own money. Your hosts, Sam Primm and Lucas Walls started investing in real estate on the side, just like you. These two took their venture from side hustle to full-time job, and now own $40 million in rentals and counting (without using any of their own money). That has blossomed into an umbrella of industry-related companies that enhance and support their ventures. And really, they’re just a couple of normal millennial guys from the midwest! If you’re ready to take control and learn real estate investments the simple way, join the passive wealth club, grow a multimillion dollar portfolio, and even have fun doing it, Ordinary Guys, Extra Ordinary Wealth is a must-listen podcast. Follow the show now so you don’t miss a single episode.