Jay talks about one of his recent real estate deals and why he walked away!
He talks in detail about a story that reminds him of the very popular Kenny Rogers song The Gambler; "Know When to Hold Them and Know When to Fold Them."
This is important because if you don’t know when to fold your cards and walk away from a play or walk away from a deal that can be so much more expensive than the actual profit that you could be making on it.
One of the most important lessons that Jay has learned since investing in single-family houses in 2003 and rehabbing over 400 houses, is that you need to know when to walk away. Do not fall in love with a deal just because of having a deal!
In fact, this story about 112 Charles Street, has really great numbers. It looks like there’s a spread of a potential $100,000 in this deal.
But after analyzing the deal and doing the due diligence, there was no profit to be made. In reality, it’s got a loss of over $20,000.
Jay details step by step on how to properly analyze the numbers and understand when you should fold on a deal.
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