Losing Control Of A Million Dollar Deal | Nightmare Deals - Episode 21
The David Greene Show
David Greene
5 • 653 Ratings
🗓️ 26 November 2024
⏱️ 49 minutes
🧾️ Download transcript
Summary
What started off as “passive income” quickly became an absolute nightmare when today’s guest, Sokha Ngov, partnered with “experienced” flippers in exchange for 50% of the flip profits. Part of the “Nightmare Deals” series, today’s episode tells the horror story of a contractor taking money and not completing work, then used cheap, shoddy materials when they finally did. The JV partners involved in the deal stole money intended for the project and were forced off title through a lengthy legal process while staying in the house themselves. When the house wouldn’t sell post rehab, Sokha was forced to keep the property as a rental. Rather than lose money every month in a long term rental situation, Sokha even considered the short term rental route in a state that hates them and ultimately left $185,000 of hard earned savings in this nightmare. You’ll be shocked, appalled, and amazed at how many people took advantage of this investor in what should have been a straightforward flip. Make sure you download today’s show to learn how Sokha finally stabilized the property and got out from underneath the hell, as well as how you can avoid falling into a similar situation yourself on today’s episode of Real Talk Real Estate. 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. |
| 0:29.8 | Welcome to the David Green Show, Real Talk, Real Estate, the show where we pull back the curtain and expose the good, the bad, and the ugly of what goes on in the world of real estate. |
| 0:34.5 | Today we are continuing in my nightmare deal series and I am joined by |
| 0:37.9 | investor Soka. Is it Ngov? Nove. Nov. Thank you. I should have asked that first. Who has an |
| 0:45.0 | awesome story to tell us today of a terrible deal. Wasn't awesome for her, but she has a big heart and |
| 0:50.8 | she wants to help other people avoid falling into the same traps, |
| 0:58.7 | as well as sharing what she learned from the situation, how she pivoted, and how she was knocked down, but not knocked out. |
| 1:00.3 | I would ask you, before we get into the show to take a quick minute to leave me a five-star |
| 1:04.3 | review wherever you're listening to this podcast, because that helps a ton. |
| 1:07.3 | And if you like the show, comment wherever you're listening, if it's on YouTube, |
| 1:11.0 | if it's on Spotify, let us know what you think. Soka, welcome to the show. Thank you, David. |
| 1:17.0 | I'm excited to be on. Nice chatting with you. Yeah, we had a really good talk about capitalism |
| 1:22.2 | and things that go well and things that don't go well before we recorded this. And speaking of |
| 1:26.6 | things that don't go well, let's start. And speaking of things that don't go well, |
| 1:28.1 | let's start off by having you explain to me how this deal that we're about to talk about today |
| 1:33.1 | first crossed your path, what you thought when you saw it and what you were feeling. |
| 1:37.0 | Okay. So this deal actually came across my path March of 2023. So last year, I was in an investment group. I won't say which one, |
| 1:47.4 | because it has nothing to do specifically with the group. But there are some guys who are |
| 1:52.7 | part of the group who reached out to me looking for a private money loan. And I had done a couple |
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