Creative Capital Podcast 137: 5 Key Lessons I Learned From Losing $60K
Creative Capital
Josh Ferrari
5 • 1.1K Ratings
🗓️ 1 February 2022
⏱️ 20 minutes
🧾️ Download transcript
Summary
Welcome back to this week's segment of the No Limit Minute for the Creative Capital Podcast. Today’s episode is going to be a bit longer than usual because we are going to talk about some hard and painful lessons that I had learned along the way of getting through an investment. By sharing my experience and my learnings, I hope that I’ll be able to kind of teach you guys these five key lessons from this particular investment. And hopefully, you won’t end up losing the $60,000 like I did. Listen in!
5 Key Lessons of Buying a Four Plex
- Lesson 1 - Don’t do it alone
- Get a partner
- Invest with someone with experience
- Lesson 2 - Don’t get a very old house
- Problems that came along with the house from a long time ago
- Lesson 3: FHA 203K Loan is a nightmare
- Filing so much paperwork for 1 draw
- Contractor nightmares
- Lesson 4: Figure out what you want in your life before investing
- Goals are misaligned with the investments
- Lesson 5: Make sure that you have enough reserves to cover your insurance
Key Quotes:
“Align your goals with what you're actually doing in your investment.” - Josh Ferrari
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Transcript
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| 0:00.0 | So everybody, we're back to this week's segment of the no limit minute. |
| 0:05.7 | This was going to be just a teensy bit longer than most, but that's okay because we're going to learn |
| 0:10.7 | a lot today. And it's, it's some hard, hard, painful lessons that I had learned the, the hard way, |
| 0:18.4 | the long way via actually going through this investment. And so I hope that today I'm able to |
| 0:23.0 | kind of teach you guys these five kind of key lessons that I learned from this particular |
| 0:28.4 | investment and at the end of the day, eventually losing $60,000 in this investment. |
| 0:33.3 | Now, if you've been following me for any amount of time on social media or if you've been |
| 0:36.2 | listening to our show for a while, if you're subscribed, which by the way, if you're not already |
| 0:39.9 | subscribed, don't forget, please hit that subscribe button because you will continue to get to hear |
| 0:46.3 | more amazing information like one that we're about to talk to you today, but also every Friday when |
| 0:51.6 | we release our interview episodes, we bring on some top, top professionals in the space that have |
| 0:56.9 | just plethora of knowledge. I am literally learning something new every time I do an interview. |
| 1:02.8 | So don't forget to do that. Now, five key lessons I learned from investing in this fourplex, |
| 1:07.9 | what I was saying, if you follow us for any amount of time, you know that I actually bought a fourplex |
| 1:13.1 | because my first ever investment into real estate. That was really when the whole concept or whole |
| 1:21.0 | idea of you could officially call me a real estate investor at that point when my wife and I had bought |
| 1:28.7 | this fourplex. Now, the lessons that I learned from this are basically as follows. Number one, |
| 1:36.4 | first key lesson I learned is never try to go at it alone. I thought for some reason I had this |
| 1:43.6 | weird, just mantra or something going on in my head, justification that was trying to tell me that |
| 1:50.8 | we needed a hundred percent of the equity in this deal in order for it to make financial sense, |
| 1:55.3 | in order for us to make any money, in order for it to be worth it, worth our time. I needed a |
| 2:01.1 | hundred percent of the equity. And that is by far, you know, now from that and then everything I've |
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