7 Ways Real Estate Investors Fail

[@JustinTymeToday]

I bought a rehab knowing it needed a new septic system. The neighbors (also the sellers) waited until the day after I installed a 5k septic system to tell me there was a crazy property line on the property that cut right next to the house and then across the front yard. They "magically" learned about this the day of the install, and I could not sue them because I couldn't prove they knew at the time of sale. The county threatened to condemn the house unless I moved the septic to my side. The neighbors wanted 50 percent more to sell me 40' of land so I would actually own my driveway. They finally got desperate for cash and took 4k. That and my holding cost for 18 months = bust. I tore down a carport that had been there 50 years. All the features of the property and even the listing suggested I owned the drive and carport. Turns out, I found later, they signed the original platting agreement, survey, and knew. The seller sat on the town board and nobody wanted to cross him. He threatened the city inspector that he would lose his job if he didn't hassle me. The city ran an new water line that summer, and threatened to not issue a permit for the septic, since public was available. The cost of hookup was 10k before running the pipe. Finally, they looked the other way on that. I sweated bullets--all my money tied in that. Only my second deal.

[@GQ-jv9uw]

JustinTymeToday damn that's f'd up but what's a skeptic system

[@SteveAubrey1762]

I dont mean this in any way as to come across as a "know-it-all" or to be a "smart axe", but could you not have learned of this "crazy property line" during your due diligence? Im made fun of often because I move "slow in a hurry" and am kinda OCD in my due diligence. I look at flood plains, tax records, previous surveys. I want to know everything possible about a piece of property I intend to purchase. Again, not trying to be smart, just wondering if you could have caught this earlier on.

[@rooseveltblye1744]

I really appreciate what you doing and have done for me education. I love your book as well. The value you have brought in my life compared to the junk on my social media on the regular

[@jamesalansmith206]

Very informative, I'm looking to get into selling Real Estate. Most of my experience as a contractor was in commercial and I am assuming this is more intricate or tricky than residential. Thanks for your input and as a teacher, your videos are no1!

[@black_squall]

Phil, you're a pleasure to listen to.

[@chrisfiz9317]

I've been following you for a few days now, I love your videos ! very informative and no bs.! Good man

[@ZoTime747]

God bless you! Thank you for standing up and sharing this life saving information! Peace and happiness

[@anthonydim15]

Hey, When you say bigger and better deals. Is this based on just residential to commercial?. Is it okay to go from Triplexes to 12-unit Apt. Buildings? Would this fall in that bigger and better deals category?

[@freedom_mentor]

Maybe. That does shift you from residential to commercial but it may be incremental enough not to totally disrupt your previous success. Just make sure you progress wisely and not on blind ambition.

[@l.crossjr]

Hey Phil, would you buy a home with major mold problems? If so, how much would you pay for it? the comps are approximately 85 grand.

[@freedom_mentor]

Yes. I would calculate the cost to redo the drywall as well as the cost to remediate the water problem. Mold comes from water. If water is removed, the mold go away. But without seeing the house, I couldn't tell you exactly what I would pay for a house that sells for $85,000 fully remodeled.

[@SunSpotGrasshoppa]

For some reason I gravitated to you, Phil, so I decided that you're SIGNAL. You mentioned being a 'regular' real estate investor who buys a lot of properties, fixes them up, and sells them as opposed to the 'creative' side of real estate investing. Tell me about the creative side of the business, please and I'm purchasing the book, too.

[@freedom_mentor]

This two part video series explains this concept in great detail: PART 1 kzbin.info/www/bejne/oHOahZh3iadnn6c and PART 2 kzbin.info/www/bejne/ima8g2Swg52Ap8U

[@N0body247]

Sometimes you get a person who is a 7 who does a 6 and then when they do a 3 they pull a 1. :)

[@brianrichards7006]

This is all great advice. Persistence is one of the most valuable character traits, for any investor, in any asset class. Also, do your due diligence. Try to eliminate as much risk as possible. And have fun.

[@ianswagerty6469]

Thanks for the video Phil. Seems like you have some good insight and experience in real estate. 24 y/o wanting to learn more about real estate investing and apply it to grow assets. Take care.

[@chrisdiaz4207]

Phil your videos are great , you speak the truth and I can tell you have so much knowledge. I am new to investing. I am purchasing a single family home 3 bedroom 1 bathroom . I did have a question about one of your video on single family home and rent to own. Do you recommend to hire a attorney to write up the rent to own lease agreement or find a template online and do it by yourself. Thank you again for your knowledge 🙏

[@brushenas]

Great & valuable lessons and advice. Love your presentations about different subjects in real investment investing

[@ebanutrition8396]

Thanks Phil, your a ton of fun to watch and explain things well.

[@pingcai1142]

Phil, realistically how much money one should save up before start investing in real estate?

[@hquebrown]

Ping Cai good question

[@e2sguy]

I’d say 20-25k is bare minimum

[@ministeriounamanoeneldesie1615]

I love your teaching technics you know how to educate.

[@myam2096]

Hi Phil, I've done my research for the last few years on flipping property. I know I don't know it all but I know quite a bit and I do need a mentor. I don't know of any in my area currently, I found you but you're in the US. I live in Canada; Vancouver, BC to be exact. I am interested in learning from you and getting into this immediately. I am a single mother of 2 kids and am 28 years young. I'm all in, this is it Phil. What are your thoughts about my situation?

[@littlebear118]

Hi Phil!I just watched a handful of videos and I love them!You are very informative.I have a question.I currently rent and my Husband and I want to buy a home that has 3 units to rent out.Would it be wise to buy this house and rent out the units to pay for my mortgage and pocket the rest?I have no experience in real estate but definitely want to learn more.

[@freedom_mentor]

+Little Bear Could be a great idea. Watch my video on property management: kzbin.info/www/bejne/n2qcZXaJnJeCj6c

[@BikeHelmetMk2]

All of the above applies to stock investing as well. From learning that first, I can tell you that Phil is more "Signal" than "Noise". Good advice in those 7 rules above.

[@marinalueders346]

Thank you so much, wonderful information.

[@aiadgenius]

Good morning Phil. Just signed up! I'm very excited! Great tips on this video! 😁

[@jordanm1965]

Great information. Thanks.. ready to learn more are more

[@vanhailuu7746]

I experienced all these causes of failure! You are right! Thanks for your sharing!

[@heydadd]

me too!

[@ashleyhoag3722]

Phil, we are looking into possible doing contract assignments, where we will locate abandoned properties and do the leg work, put in an offer, make a contract, then assign the contract to one of our investors for a fee. Do you have any videos on that or any tips that you could give me and my two partners?

[@freedom_mentor]

Absolutely. Take this free course: courses.freedommentor.com

[@ashleyhoag3722]

Thank you so much

[@ericd4401]

This is good advice for business as well real estate! Unfortunately, I've made all these mistakes you mentioned in your video when I started my company. (Except "getting lucky", I'm still waiting for that one :) )

[@ericd4401]

I'm still around, and I've increased production. It's slow and steady.

[@PeytonOBrienMagic]

@@ericd4401 How's your business running now?

[@derekmcdonnell6957]

Thanks for the video. I am currently in the process of switching careers because right now I don't love what I do. I am an Industrial Electrician from Alberta and Real Estate has always been an interest of mine. I will be watching all of your videos to learn as much as I can before I dive right in. If you have any advice or other reference material that would be great if you could point me in the right direction. Keep up the good work and thanks again for the great material.

[@freedom_mentor]

+Derek McDonnell Take this free course: courses.freedommentor.com and read my new book Real Estate Investing Gone Bad

[@joejoeosorio1]

Phil, really enjoyed this video. Definitely plan on watching all of them. I recently decided to begin educating myself on real estate investing with hopes of buying my first property and you are a fantastic resource. Thanks you.

[@davisrichardson7282]

Thank you for this video it was great!

[@daviddean9726]

by the way in that one comment I said I was on to my second property, don't get me wrong the first property was a flop and draining learning experience! but I gained so much from it so again you are correct!!

[@troyeclipse]

thanks Phil for taking the time out and replying

[@ripp2373]

Looking forward to speaking with someone tomorrow about of I've been accepted into your mentor program.

[@erikjohnson5549]

How'd that work out?

[@ripp2373]

@@erikjohnson5549 Decided against it. More than enough free info on bigger pockets, or a number of real estate podcasts

[@Aquileshill]

#4 hope that can get resolved and if he doesn’t I will continue on my own ! Thanks Phill

[@jhaketubog6968]

Love your videos man, keep it up!

[@Shawk95]

Phil, you sound sincere and something tells me that you can be trusted to impart your knowledge straight, without ulterior motives. I intend to watch all your videos. I have also gotten your book via email. Thanks.

[@stonwall9065]

Hey Phil, would you say there's money to be made through real estate in almost every city?

[@freedom_mentor]

That's a common question. This video explains that concept in more depth: Investing in Real Estate Close to Home vs Long Distance

[@dombluford]

Did you get rid of your mentor program?

[@freedom_mentor]

Not at all. Still alive and very, very, very well.

[@troyeclipse]

Hello Phil, Should I paint my duel-plex before my appraisal

[@freedom_mentor]

It won't have much, if any, impact on an appraisal. It will however, have a huge impact on trying to sell it.

[@troyeclipse]

And I'm trying to get equality out to purchase another rental property.

[@freedom_mentor]

Appraisals can be increased significantly if you add square footage. But that may be more trouble than its worth.

[@andreyivanov9275]

I would ad: INVESTING OUT OF STATES or more then 2 hrs drive.PHIL, WOULD YOU AGREE WITH ME?

[@freedom_mentor]

Watch this video for my thoughts on that subject: kzbin.info/www/bejne/bmHTomp4ga-YjaM

[@noelhadley2828]

what r the top 5 books u like about real estate investing? do u like dean graziosi?

[@freedom_mentor]

If you want to know specifically about real estate, read mine. Sorry that I am unable to recommend others but I just haven't found a winner. That's why I wrote the one I did.

[@derekmcdonnell6957]

Thank you!

[@rizzotheboss]

whats up buddy do you have space in nyc

[@FuZySLiPeRz]

How can I join your apprentice program? I've been studying all of your videos and I have an absolute burning desire to succeed. I even bought my first set of Bandit signs and yellow letters and envelopes to help me get started wholesaling.

[@freedom_mentor]

Head over to my website and apply for it.

[@FuZySLiPeRz]

Got it, thank you!

[@kandacegraham6350]

Phil Pustejovsky what are your agents looking for? i applied and was rejected

[@gustavomontoya6500]

Aaron Mason visa.de.lastibus.de.amas 0nas.com.

[@geva90]

can i join your program?

[@freedom_mentor]

Apply here: www.freedommentor.com/apprentice

[@rijmdoleh2841]

I often wonder how investors also lost money when the bubble burst in 2007. If you buy a house noe and rent it and have positive cash flow after All expenses, could one not ride out a downturn for 5 years and still be ok? what mistakes made fairly smart investors lose when they bought at the height of the market before the crash? also asking because it feels another turn is around the corner and how to avoid mistakes, but still be able to get involved now. thanks

[@FrenchyBunnyStudio]

Great and informative!

[@juanhectorgarcia6]

I apologize if I take ur time, but I'll appreciate if u have the chance to make a video with all the category name you have for every house you could buy and sale with the meaning for that name... that will be extremely helpful.. And I know that's too much of requests but I know a lot people that seek this knowledge will need this... Thank you.. Even if this is not one of the tool I'll use in life this information is a blessing.. Thanks again

[@antoniellal.551]

I cannot stretch enough my appreciation to you for sharing your knowledge FOR free!! I have watched almost all your videos the last week, thank you for motivating us. This is truly a GIVING BACK! I am now more empowered to continue the shy path I started last year. A youtube fan ( who is still working on pronouncing your name properly since she wants to talk to her network about you :))

[@freedom_mentor]

+Antoniella L. Starts with a "P" and ends with a "ustejovsky"...Rolls right off the tongue :)

[@teryionlewis9814]

What do you know about mobile home investing?

[@freedom_mentor]

I have two coaches that are absolute experts at the mobile home investing business. And several of my apprentices do mobiles. It's really good if you have some cash so that you can pay cash to buy the mobile home, then renovate, then sell on owner financing. Flipping them is possible but all the stars have to align. We make decent money on them, although in my own personal investing, I rarely get involved in a mobile home deal. On the flip side, one of my former apprentices now buys mobile home parks. He has several now and loves the cash flow. Hard to get financing on them but he raised private money for one year to buy his first one. After that, it was easier to raise more private money for his next two.

[@teryionlewis9814]

Do you think you could use the money you make with mobile homes to invest into other real estate or use the money you use with mobile homes to buy a mobile home park

[@teryionlewis9814]

Also do you think it is necessary to become a real estate agent to cut closing costs and to find leads

[@freedom_mentor]

Teryion Lewis Most of the people I know who "invest" in mobile homes, don't make a career out of it or make a ton of money. But it can be an additional income stream within your greater real estate investing plan. Mobile homes are NOT real property so i don't think a real estate license will help you. They are like cars or boats. Now, owning a mobile home park can be a huge cash cow but it takes a tremendous amount of cash to acquire them.

[@tommyperez4096]

Phil, do you take on apprentice's in California?

[@freedom_mentor]

Yes. We've made a fortune doing what we do, in California.

[@tommyperez4096]

How do I look into this?

[@freedom_mentor]

Start by taking this free video course: courses.freedommentor.com

[@tommiedinkbell8485]

Great video! Got the book as well.

[@burthanson4822]

I think you are a realist with your info. on real estate investing and I appreciate that.

[@DaveEvert]

I was just wondering whether or not do you have any experience with successful people who are doing creative real estate outside North America. ( UK, Ireland, New Zealand, Australia.... ) There is tons of information related to creative real estate for US and Canadian markets but hardly any when it comes to the UK for example so I guess one has to be super creative getting into creative real estate on European market. Anyways, thanks for a great video. Have a good one. Dave

[@freedom_mentor]

I do not. Sorry.

[@troyeclipse]

thanks again for the insight Phil

[@Thejasonrogers]

Syndications are best left alone for seasoned investors.

[@sathsah1593]

Thank you soo much Phil , I have had trhis interest a long time agao . It was actually my optional choice for my mastereducation.. but then i still went for sth in line with my BSC education. But I am passionate about it in my subconscious mind.. so on my search for real estate information - how to start your business i came across your videos. I am very happy to hyave run into this. Thank you soooo much for sharing your knowledge. So let see where it bring me as I would like to be my own boss one day soon. :)

[@FIORELLOINVENTIONS]

Hey Phil, if you want to buy a house for renting purposes only. is it best to buy the house that rents out the cheapest because it has more people that can afford to rent it. and don't buy the house that just looks the best to my taste.

[@freedom_mentor]

Buy the one that cash flows the most.

[@MarcusLeepapi]

Thannks..

[@Lion-dr7uv]

I'm 17 now but I'd like to join your apprentice program soon.

[@apis2170]

Love this Video.... Thanks

[@MarcusLeepapi]

Thank you for this..

[@ministeriounamanoeneldesie1615]

Hey Profesor Phil.

[@MarcusLeepapi]

Thank you again....

[@mweber5459]

Phil, you are my favorite....thank you!

[@cricketboi1]

Could you please make a video to explain some of these real-life example? that would help avoid some of the common mistakes

[@freedom_mentor]

+cricketboi1 Grab a copy of my new book, "Real Estate Investing Gone Bad" www.amazon.com/Real-Estate-Investing-Gone-Bad-ebook/dp/B019CXZP7I

[@cricketboi1]

will do. thanks for all the great info. in your videos!

[@ministeriounamanoeneldesie1615]

I was upset for about 10 months , because my ex drop me, but i realize at last that this could be a plus. Life goes on now i can get more involve in real estate, learn new skills and show her the mistake she made. That iam better without her and that life is good. Have my cake and eat it to. Chocolate cake mmmm.

[@brianmiller5074]

great video

[@rooseveltblye1744]

Notifications on!

[@keithmotola2045]

how does someone become an apprentice?

[@freedom_mentor]

+keith motola Apply here: www.freedommentor.com/apprentice

[@georgetjionas5138]

Bad Partnership? It is worth mentioning deception, lying and cheating from your partner. These things are not obvious before the partnership but they show up when one puts his finger in the honey and then starts licking it. What to do before partnering? TRUST BUT VERIFY

[@freedom_mentor]

Well spoken. Happens all the time.

[@frugalentertainment5997]

Good job

[@COUNTRYSTARMUSIC]

Great straight to the meat and potatoes video

[@zolaswolf]

Well... Got my License, made all the mistakes above. Now I feel like i know what im doing but im flat broke hahahahahaha. School of hard knocks.

[@johnsonoguntade6666]

I know you live in Florida. How could you mentor someone who lives in New Jersey?

[@freedom_mentor]

I mentor people all across North America from Florida. Through phone calls, messages, Facetime, video chat, etc.

[@whoarie]

Guru

[@marinalueders346]

I want you to be my coach, I want to buy short term rentals in Appalachian mountains near lakes.

[@freedom_mentor]

I personally make a fortune on my vacation rental units in the Smokies. Wonderful place to own short term rentals.

[@marinalueders346]

Phil Pustejovsky , thank you, I am looking at lake lure and lake James areas, I love mountain views, water, fishing, waterfalls, hiking, many other fun activities and there is not really a low season per day. Now people go there to watch leaves and hike, not as got. In winter skiing and greater views. Thank you again, your videos are so helpful. I learned a lot from you and constantly leaning.

[@JoeMeats]

Number 7 should be number 1 to me :( lol

[@TheRealChrisBeard]

+John D lmao

[@AtlantaFixers]

funny af

[@rubenrosario4658]

I would like you to be my mentor.

[@Marketshortsales]

Are you the bald guy from impractical jokers?

[@MilanBroz]

Phil, sorry , my question does not concern real estates although I did watch it because of this but you probably have some Czech members in your family history, right? Your surname sounds like that.

[@freedom_mentor]

I do. My understanding is that around 1900, Catholic Czechs from the town of Pustejov moved to the United States.

[@MilanBroz]

Phil Pustejovsky Thank you for such a quick reply, I just found it a little bit funny, I was looking for some advice and found somebody with a Czech surname:-).

[@antonyreid7008]

coo!

[@jamesjosef4826]

love your videos, Phil. but am curious as to what your ideal term of " success " in real estate is. Personally I feel if after 2-3 years , you are not banking at least $1million cash a year , success hasn't found you . I'm 45 yrs.old , and by 50 I need to be in the higher10's of millions of dollars net worth to claim success . just my opinion

[@Maverick-rz8vm]

That is just not true James, don't put that kind of pressure on yourself. Being patient means practicing patience. Put a plan together for those next 5 years and start right now. Phil can help if your willing to pay for the mentorship program, but that is up to you how bad do you want to do it. How diligent are you?

[@COUNTRYSTARMUSIC]

youre on some heavy drugs. crawl before you walk