You are listening to an astro-flipping breakout with me Jamil Damgey on the Wholesale Hotline

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Jamil here. And today we're going to talk about how you can overcome bad deals, bad investments,

bad situations, bad partnerships, bad all of it when we're talking about real estate. Now, understand this. I've been in the game for over 20 years, so I've had my share of mistakes. And I'm going to share with you today, the great pivot. All right, guys, so what do I mean when I say the great pivot? Well, here's the reality. No business owner, especially the ones in real estate, are ever going to get out unscathed. We're going to run into problems. You're going to run into bad deals, bad partnerships, bad opportunities, bad people, bad materials, bad, all of it, especially bad timing. Now, the reality is, is if you're going to be a real estate investor for the long term, there's no way that you're going to get away without having this happen to you at least some time. Now, when things turn and you get into a bad deal, bad partnership, bad property, bad materials, bad timing, whatever that may be, you have to be able to pivot out of that so that your career in real estate isn't over. You see, one of the reasons, in fact, the greatest reason why I've ever seen somebody get involved in real estate and then get out of real estate is because of a bad deal. Something happens, something goes wrong. They touch the burner on the stove and they're like, oh my God, I can't do that again. Because it hurts. When you make a mistake, you lose money, especially when things go wrong. It can hurt your confidence, it can hurt people's confidence in you. You might feel like you're actually the imposter that your brain was telling you you were, or your friends and families start giving you a hard time. There's a number of different things that can pile up on you, especially when things go wrong. So you have to be able to figure out how to overcome. And so today we're going to talk

about five ways that you can pivot out of bad deals. So let's start with the first one, right?

Sitting fix and flips. Now, I'm going to show you how to turn trash into cash. In 2022,

we were shooting second season of triple digit flip. Now, the second half of the second season is

when things got really, really interesting. It was

July of 2022 and rates shot through the roof. Inflation was out of control. We were overpaying on labor.

We were overpaying on materials. We overpaid for all of the properties that we were flipping.

And then rates skyrocketed, which had buyers scrambling and running for

the hills. And now here we are sitting with these flips in our inventory and they have high

interest loans on them, hard money loans. And we were faced with a situation. We had to make a

decision. What do we do? Do we hold on to these flips and wait some time, or do we fire cell?

Now, the reality is, is I was sitting in those deals with three other partners, and it wasn't

just me who got to make the decision.

Although my decision at the time was to fire sell, we ultimately had one person, my sister,

who said, let's hold.

Three other partners who said, no, we should sell.

And guess who lost?

My sister. Well, we did fire, no, we should sell. And guess who lost? My sister,

well, we did fire sell and we ended up losing $500,000. $500,000, half a million bucks, fire selling all of those houses. Now here's the part that's a real kick in the balls. Seven months after,

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