BRRRR Gone Bad | Episode 26

The David Greene Show

David Greene

Entrepreneurship, Business

5 • 653 Ratings

🗓️ 19 December 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Nightmare Deal Series! In today’s show, I interview Chelsea Kopacz who shares her nightmare deal and the details that went into it. Chelsea stepped into her first RE deal through OOS investing in the Indianapolis area. The plan was to BRRRR a cheap out-of-state property, start a portfolio, learn a little bit, and keep the momentum going with the next one. Introduced to a wholesaler who also connected her with a lender, things started off well before they turned south. Using the information in my book Long Distance Real Estate Investing, Chelsea had clear and frequent communication during the rehab process with her contractor, who also ended up being her wholesaler…and property manager. What started off smoothly quickly turned south when Chelsea’s tenants stopped paying rent shortly after being placed in the property. Things got worse when she learned her PM/Contractor/Wholesaler was actually a scam artist who frequently ripped people off in similar ways. If you want to learn what to look for, what red flags to spot, and how to avoid this happening to you, check out Chelsea’s story today! 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 what's going on
0:27.0	everyone welcome to real talk real estate this is the david green show and i have got another
0:33.5	in the series of nightmare deals deals gone wrong and we're going to be sharing about a nightmare.
0:39.3	I'm joined today by Chelsea Copax. Am I saying that right? I didn't actually get verification before we
0:44.6	started. Yeah, Copaz. Copaz. I was so close. The C is silent, not the Z. And Chelsea has been
0:50.7	generous enough to come on here and share her nightmares so everybody else can learn from it.
0:55.0	And hopefully she can get some advice from me that will make that nightmare a little more of a dream.
1:00.7	Chelsea's got a pretty cool story and a pretty bad deal.
1:04.4	And she's willing to share both of them.
1:05.8	So Chelsea, thank you for joining me today.
1:07.5	Yeah, thank you so much for having me.
1:08.9	It is my pleasure.
1:09.7	All right.
1:10.0	Let's start at the beginning. Tell me about when you first saw this deal. What were you thinking? What was the
1:15.7	impression that you were under? And how did you buy it? Yeah. So for starters, I'm a very, very new
1:22.1	real estate investor, definitely in my newbie stages. So I was excited to look at any deal and practice my analyzing
1:31.6	skills. I knew that I needed to make a decision because I tend to suffer from analysis
1:37.5	paralysis where I'll just swim in data and not do anything. So I made it a point to just say, you know, the first one that comes
1:45.2	around that feels right, numbers look good, let's go for it. And if mistakes happen, they happen,
	...

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