Nightmare On REI Street. $200k Loss and Scams - Episode 16
The David Greene Show
David Greene
5 • 653 Ratings
🗓️ 31 October 2024
⏱️ 46 minutes
🧾️ Download transcript
Summary
Can’t make a deal work? Just do sub-to! Or maybe, sub-don’t. In today’s show, guest Tanner Litchfield gets raw and transparent about the deal he bought that lost him $200,000 he was helpless to stop. From an alcoholic home seller who stole his money to a RE attorneys that offered absolutely no help, Tanner’s story will both horrify and fascinate you. Tanner shares what he felt and thought when he first saw the deal, how creative finance was marketed to him, and what he wishes he knew before this huge L-all based on the words of trusting those who make money from RE investors. Continuing in the series of Nightmare Deals, this spider web of deceit involving shadiness from wholesalers, contractors, sub-to rates, and those looking to off load bad deals to others, this show will open your eyes to what really goes on in the “off market” world of RE investing so often sold as the best way to find deals. If you do, or have considered, buying deals from off market providers, you simply cannot afford to miss this episode. 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 00:00 Welcome 00:39 Meet Tanner: A Real Estate Journey 02:06 The Seattle to Utah Transition 03:46 The Temptation of Creative Finance 04:44 The Wholesaler's Pitch 06:06 The Deal's Red Flags 08:00 Navigating the Wholesaling Wild West 15:48 The Unexpected Foreclosure Notice 21:57 Foreclosure Confusion and Legal Advice 22:40 The Missing $20,000 and Title Issues 26:18 Realization and Damage Control 28:13 Legal Battles and Tenants 34:14 Auction and Financial Losses 38:24 Lessons Learned and Moving Forward
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. |
| 0:29.7 | What's up, everybody, and welcome to the David Green Show, Real Talk, Real Estate, |
| 0:34.8 | the show where we pull back the curtain and show you what goes on behind the scenes of real estate investing. |
| 0:38.7 | That includes the good, that includes the bad, and it includes the ugly, |
| 0:42.9 | sharing with you the things that you're not going to hear on the other podcast. That's right, |
| 0:49.4 | we're not basic. This is special. Today I'm joined by Tanner Litchfield, who's got a deal that frankly blew my mind when he told me about what went on with it, especially because it's coming through |
| 0:54.6 | a strategy that many people have heard is the safest way to invest in real estate. So buckle your |
| 1:00.4 | seatbelt, get ready for an amazing show because you're going to learn some things that you've |
| 1:04.3 | never heard before. Tanner, welcome to the show. Thanks for having me. Thank you, first off, |
| 1:08.5 | for having the courage to come in and talk about $180,000 |
| 1:11.6 | that was lost. Nobody wants to do that. Everybody always wants to share their wins. They even |
| 1:17.6 | probably gloss up their wins to make them look better than they really are. And the result is |
| 1:22.0 | we have an entire, I don't know, community is the right word, but we have an entire ecosystem |
| 1:26.2 | of real estate investing where everyone thinks that everyone else is doing better than they really are. That leads to everyone |
| 1:32.1 | feeling bad about themselves. It's kind of like before it was commonly known that magazines have |
| 1:36.7 | airbrush models and I'd have to hear my mom and my aunts and everyone like, oh, these women are |
| 1:41.9 | all so gorgeous and I'm over here looking bad and I had a really |
| 1:44.6 | pretty mom. There's no reason for her to look bad. But when everyone else is edited to look better |
| 1:49.8 | than they are, you start to feel like there's something wrong with you. And what we're trying to do |
... |
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