A Marine’s $100K Mistake You Need to Hear | Episode 27

The David Greene Show

David Greene

Entrepreneurship, Business

5 • 653 Ratings

🗓️ 31 December 2024

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

20-year Marine Corp vet Adam Whitney has seen active combat, taken fire, and even mortar rounds in his military career-and was still ambushed by this nightmare deal. What appeared to be a simple, chunky off market opportunity with tons of meat on the bone ended up a deal that had more and more go wrong the longer he owned it. From the simple nick of a septic tank during the rehab to a broken boat dock and weathered sea wall, this canal-front property in an area with very high demand spiraled into well over $100,000 over budget and very little interest from buyers. Two realtors, tons of money, and a failed exit strategy later, Adam survived the nightmare and comes on the show today to share the story, warn other investors what to look for, and what you need to know to make sure this doesn’t happen to you. Continuing my Nightmare Deals Series, we pull back the curtain and share the REAL story of RE investing. Subscribe to The David Greene Show! Apple: https://podcasts.apple.com/us/podcast/the-david-greene-show/id1755485708 Spotify: https://open.spotify.com/show/5Nu6kCJTVzM2x2WsujqBOZ Submit your question for David: https://davidgreene24.com/ask Follow David: @DavidGreene DavidGreene24.com RealTalkRealEstate.com Podcast-The David Greene Show Spotify, Apple Podcasts Book a session with David: [email protected] Ask a Question: DavidGreene24.com/ask Find me on the “minnect” app Real Estate University: SpartanLeague.com Join my Free Newsletter: Davidgreene24.com/textletter Finance Your Real Estate TheOneBrokerage.com Intake@TheOneBrokerage @theonebrokerage Free Textletter DavidGreene24.com/join STR Management [email protected] Investor Retreat DavidGreene24.com/retreat

Transcript

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0:00.0	Welcome to Real Talk Real Estate, the show where we cover how to build wealth in real estate with no fluff, no BS, and no sales pitches.
0:07.0	I'm David Green, and I've been doing this for over 10 years. I've seen the ups, the downs, and everything in between.
0:13.0	This is the show where we pull back the curtain and show it to you too.
0:16.0	So if you want to build wealth through real estate or you just love learning about it, you found your home.
0:30.6	Welcome everybody to the David Green Show, Real Talk, Real Estate. We're in the middle of a series on deals gone bad. As promised when I started the show, I said that I would pull back the
0:34.9	curtain and show everybody what really goes on in real estate. Now, that doesn't mean that it's all bad, but it definitely doesn't mean that it's all good.
0:41.2	And it's a day's show got Adam Whitney, a former U.S. Marine and real estate investor who has
0:46.2	stepped up and answered the call to share the truth about a deal gone bad in Alabama.
0:51.6	Adam, thanks for being here today. David, thanks for having me, man.
0:54.4	Really excited to be here, brother. Awesome. All right. So let's get into this thing.
0:58.4	Tell me about this deal when you first found it. Like, this is a girl that broke your heart,
1:04.2	took half of your stuff, left you in shambles. But this was the first time you saw this beautiful
1:09.1	girl and thought the best of her.
1:12.2	Yeah, man.
1:15.2	So we do a lot of direct-to-seller marketing. So we get a lot of leads in, people who might need our help.
1:18.9	And we got this property in an Alabama.
1:21.8	Now, Alabama's not my prime area just over the border and the panhandle.
1:26.8	Florida is kind of where we do our best work.
1:29.3	And we got this stray lead over in Fairhope, Alabama. And we're looking at the data in this area.
1:36.3	And I'm like, man, this house is on a canal. It's a boater special. It doesn't need that much work.
1:44.0	Everything's selling for a good price. And I could
1:46.2	probably get it for 55, 60 cents on the after repair value. But I don't really want to flip it. So I'm like,
	...

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