Real Estate Investing – Don’t Underestimate How Bad Things Can Get
Real Estate Investing (REI) is a super popular path many folks take when they try to get to early FI. If you buy correctly, sure, you could have a field day and make more gains than you ever dreamed possible. Unfortunately, it isn’t always that easy to discern what’s “good” vs. what is “bad” and from what is even “atrociously horrible”.
Case in point, I made the worst decision of my life in 2013-2014, when I pushed my luck and naively thought I could venture into South Chicago as a landlord… and somehow succeed over the long-term.
As I learned in 2017-2018, after getting punched in the face repeatedly, and then choke slammed through a steel cage at terrifying heights (ala Mankind style), oh shit, if you fuck up MAJORLY the consequences can be most devastating… You’ll easily lose your ass… and a lot more.
For myself, the damage done was to the tune of bleeding out ~$200,000.
Unfortunately, I wasn’t the only person to fall prey to the Turnkey Propaganda Machine (aka PURE EVIL), which was pumping in full force back in 2013-2014… trying to dupe unsuspecting out-of-state real estate newbies (like myself). Perhaps all the lies, bullshit, and deceit are still going on today, but I don’t read real estate forums anymore, so I have really no clue…
Anyway, up to now, I still haven’t gotten into the nitty gritty details for anyone… and I have my own reasons for holding back.
All in due time…
One important dynamic keeping me quiet was that my own best friend was still knees deep in similar shit to what I went through (albeit not quite as bad), but even after I got out, we were both anxiously counting down the days till he could also “escape from Shitcago prison” as well…
Finally, that magical (and most blissful day) has finally arrived!
Most recently, I got the “ALL CLEAR” text message from my buddy.
Yes, you read that right, a $5,000 water bill was due against him… In addition to that, there were a bunch more horror stories (which I will try to get him to disclose in a podcast interview, hopefully soon for all interested readers)…
It’s not all sunshine and lollipops…
I hate to be one of those “sky is falling” type of individuals, but I need to be firm on this and I’m adamant as fuck when it comes to investing in shit properties/locations — Don’t fucking do it unless you want to put your life savings at risk!
When in doubt, stick to Class A rental properties and you will save yourself a lot of grief (and actually make money over the long haul).
I blew myself up…
My buddy got scarred a little bit…
And I know countless others who have had the most miserable experiences of their lives… due to attempting Turnkey Turkey Investing out-of-state. Quite frankly, many individuals are probably too devastated and embarrassed about their own misfortunes to ever want to share the details publicly…
Anyway…
Suffice it to say, we immediately took it upon ourselves to celebrate the night away shortly after receiving the magnificent news…
And splurge did we ever!
Even fatty tuna found its way onto our celebration menu.
Getting out of a Hotel California type of real estate hell is some kind of wonderful bliss that I guarantee almost nobody could possibly comprehend, unless they’ve experienced something like it themselves…
We can finally chuckle about things now, but deep down my buddy and I know damn well we are incredibly lucky to finally be free… at last!
Enough so, that we know full well a single isolated celebration just wouldn’t do justice for this type of AMAZING victory…
So, most definitely we will no doubt indulge in more “second life” celebrations…
To anyone (and everyone) reading this, I sincerely hope that you don’t make the same idiotic mistakes that I made in the past…
I paid the price dearly, and I really don’t want anyone to ever have to go through what I did…
When it comes to REI, straight up — Don’t ever underestimate how bad things can get! Getting out of real estate hell can feel like picking up the pieces after a devastating divorce (one where you ex-spouse walks away with all your money/possessions), or being freed from prison (as I put it in the text message above) after having to spend many agonizing years locked up.
The hallmark of true intelligence is this — Learning from other people’s mistakes… and taking their failures seriously to heart. So that you can avoid the very same temptations (land mines) on the way to early FI.
My buddy and I lost a lot of $$$, sleep, sanity, during this whole ordeal of trying to free ourselves from the clutches of Shitcago…
We feel most fortunate to still be alive and able to move on with our lives.
To anyone who is still battling the demons, I wish you all the best.
As for us, don’t mind if we keep on partying the night away… No, it will never get old, and our appreciation for life is off the charts now. Hopefully, whenever times get rough, we can draw on these past datapoints and know that any challenge is surmountable since we’ve already been through a most awful type of hell… and managed to survive.
Fight On!