Deals Gone Bad #1: Too Many Deals, Not Enough Cash Flow with Mark Dolfini Episode 929
Someone once told me that \u201cSmart people learn from their own mistakes and wise people learn from the mistakes of others\u201d. If you\u2019re following what you think is a smart strategy and you find yourself spread too thin, then it\u2019s time to look for someone who\u2019s wise and has already risen from the ashes of a monumental real estate crash-and-burn.\nYou might know Mark Dolfini from Landlord Coach, but you may not realize that at one point he was $100,000 in credit card debt and just steps away from bankruptcy. Beginning in the late nineties, Mark was able to start investing in using the best strategy ever: OPM, or other people\u2019s money. But just because you can purchase a property and cash flow a little, that doesn\u2019t mean that it\u2019s a good deal.\nMark is open about some of his biggest mistakes, including how he didn\u2019t give himself enough room for expenses and what being over-leveraged on time looks like. Today, he\u2019s a lot more careful about how he figures out CapEx on his properties, and he walks me through some of the factors that he ignored when he first began investing.\nI hope you\u2019ll love this series and learn from these tales of caution. If you\u2019d like to see my notes of all of the different ways you can have a bad deal, text the work BAD to 313131, and you\u2019ll be able to access my mind map for this series.\nAnd don\u2019t worry, I\u2019ll keep adding to this interactive mind map as I interview people, so keep checking back on it as I add new ways people can wreck a deal and almost blow up their real estate career.\nWhat\u2019s Inside:\n\u2014How Mark figures out the future expenditures for his properties.\n\u2014Why it took years for banks to extend mortgages to Mark again.\n\u2014What being over-leveraged on both time and money looks like.
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