Lessons From Failed Flips with Tedman Cheng | Episode 36

The David Greene Show

David Greene

Entrepreneurship, Business

5 • 653 Ratings

🗓️ 6 February 2025

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the David Greene Show, Tedman Cheng shares his experiences with two challenging real estate flips. The conversation delves into the lessons learned from mistakes made during the investment process, including market analysis, contractor issues, and the importance of maintaining a steady income while investing. Tedman emphasizes the need for awareness of market conditions and the emotional toll of real estate investing, offering encouragement to those facing similar challenges. 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 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 Chapters 00:00 Introduction to Nightmare Deals 02:51 Tedman's Background and First Flip 05:44 Challenges Faced in the First Flip 12:06 Lessons Learned from the First Flip 15:00 The Second Flip: New Challenges 21:08 Navigating City Permits and Contractor Issues 24:51 Reflections on W-2 Jobs and Real Estate Investing 29:48 Market Sensitivity and Future Outlook 34:02 Final Thoughts and Encouragement real estate, flipping houses, investment mistakes, market analysis, contractor issues, financial stability, Austin real estate, property rehab, lessons learned, real estate investing

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.
0:07.1	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.
0:12.8	This is the show where we pull back the curtain and show it to you too. So if you want to build wealth through real estate or you just love learning about it, you found your home.
0:22.0	Welcome everybody to the David Green Show, Real Talk, Real Estate. We are continuing in my series on nightmare deals.
0:27.6	We're talking about deals that went wrong that you may never have heard before with the hopes
0:31.6	that you will recognize some of the red flags from the guests in the series and prevent yourself
0:36.1	for making similar mistakes.
0:42.6	I'm joined today by Tedman Chang, a real estate flipper, who's got two different stories of deals that went terribly that we're going to share with you all today.
0:46.2	Tedman, thank you for joining me.
0:48.3	Yeah, thanks for having me on.
0:50.5	Yeah, like you said, two flips are going wonderfully.
0:56.0	All right, let's get a quick background on you. What's your occupation?
0:57.0	Where do you live?
0:58.0	How did you get into real estate?
1:00.0	Yeah, so I'm actually from the, from San Francisco, Bay Area.
1:05.0	I work for a tech company in the city, started investing in real estate a year or two ago. So currently have three flips
1:16.5	under my belt with one duplex in Indianapolis. That's going pretty well as a long-term rental.
1:23.7	Okay. And are the flips in Northern California? No, they are in Austin, Texas. Okay. And then what is your
1:31.3	background? Like, what do you do for work normally? Yeah. So I'm in the tech industry, but I work in
1:37.3	the finance sort of department or umbrella. And I've been doing it my whole career since college. So what does that mean
1:46.9	in layman's terms? What type of, what you do every day when you go into the office? Yeah,
1:51.7	basically, you know, when salespeople close deals, we do everything else related to accounting
	...

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