When Disaster Strikes: Tough Lessons Learned From The Real Estate Trenches

October 1, 2010 | By | 82 Replies More

Real_Estate_Investing_MistakesI put together a special video for you with all the mistakes that I’ve made in my real estate investing biz over the years so that you can learn from them… and I’ve made some BIG ones.

It’s important to keep in mind that everyone, EVERYONE makes mistakes… doesn’t matter if you’re brand new to real estate investing or if you’re a seasoned veteran.

You’re going to make mistakes… period!

BUT, it’s how you respond, how you react, what you learn… that makes the difference.

I remember when my mentor said that when you’re actively investing in real estate over time… it’s not a matter of “if” someone will file a lawsuit against you (whether it’s a tenant, contractor, seller, lender, etc),  it’s a matter of “when”.

I read about a poll that was done at the end of the nineteenth century. People were asked, “If you were to get rich, become wealthy, how would you do it?”

The answer… build a business.

The same poll was conducted a hundred years later and the answer unfortunately was… sue someone.

… just goes to show how the mindset of the masses has shifted.

In real estate investing, when things go south, it can mean broken agreements, payments falling behind, liens, judgments, foreclosure, bankruptcy.

You’re undoubtedly heard many stories of hardship over the last few years… from huge multi-million and billion dollar real estate investment companies, developers, banks, mortgage companies…

… but regardless of the adversity faced, there are KEY lessons to be learned and leveraged into your next deal, your business, your personal life.

In the video below, I go in-depth explaining specifically the BIG mistakes I’ve made, how I’ve responded, how I’ve weathered the storm… and my hope is that you can experience these through me, learn from them, and avoid them in your own business and life.

This is a very PERSONAL video (and it’s also 25 minutes long)… but please, I urge you to watch this video NOW.


You know, whether you’re just getting started or whether you’re doing a HUGE volume of deals… you’re gonna make mistakes. Everyone does. And that’s ok.

If you’ve had an agreement go south or if you do in the future, don’t be surprised if someone yells “scam” or “lawsuit”! That’s unfortunately hard wired into the minds of the masses these days.

But, hang in there. Take the lessons from this video and apply them in your business, your life.

… and realize that sure… there’s a lot of risk investing in real estate. BUT, there’s also a lot of risk driving your car everyday.

When investing in real estate, take calculated risks. Educate yourself. Surround yourself with a team of experts. Do your due diligence. Learn from other investors. Do the best you can with what you’ve got.

As for me, I’m just gonna keep moving forward. No matter how long, how hard, I will persist until…

Patrick

… aka P-Rid

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Category: Business Management Systems and Tools, Personal Development, Real Estate Investment Buying Strategies, Real Estate Investment Financing Strategies, Real Estate Investment Selling Strategies, Tips and Tricks

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  1. Patrick says:

    Hi Ya Patrick ‘Yes Life Is A Never Ending Lessons Learning Endeavor OF All  Aspects Of our Lives Hits And Misses. How ever We All Seam To  Get Over Them And Back On Track…And This Obviously Proves Live Is With Out Specific Gaurantee’s AND We Will Always Have The Unexpected Circumstances to live With And Through So God Bless Ya Mann And Keep On Trucking Forward With Gods Speed’ ‘Cheer’s Sir Patrick

  2. Kasi says:

    I had the wrong mindset and working with the wrong people. Thinking that I was supposed to use my own money. I made a mistake by not being prepared enough to convey the message to lenders better. A 175k lesson learned.

    • patrickriddle says:

      Hey Kasi, that’s a tough lesson… $175k. But I bet you learned a ton from it and can now leverage that lesson for the rest of your life.

      And using your own money isn’t a bad thing… but there are other options out there (like private money).

      If I can ever help you with anything, let me know.

      – Patrick

  3. Mitch says:

    Awesome Patrick! Thanks for the insight – invaluable.

  4. Jerome says:

    Patrick:You are so right ,you can even take someone and smack-em upside the head with a brick and they will still be the same,even me included ,but i hear what your saying ,and i hear the echo’s from my wife and kids,i did one better ,the beging of april i took my kids to 2 propertys{multi-fams} and they loved the trip,and silently giving me input at lunch with some critizism at times ,and at every question a good answer,then when i told them how much and how they could capitalize 10,20,30 yrs on appriciation thier eyes lit up,so yes i have been at this two yrs or more and bought a lot of stuff ,have not made a dime yet and i am still at it and very close to something ,and i can’t wait till i make my first deal and i did not whine or complain or e-mail  and still going at it probaly 4 ever because this stuff is found money and you can bank on it,even if it burns to the ground the land is worth money in which you cannot make . thanks patrick for all the  free stuff too.  jerome……jerrylhch@yahoo.com

  5. Cisco says:

    Patrick, Thank you for putting this in perspective, you are rare individual. To have the foresight to move through the hard lessons, when it is easy for people become cynical and start blaming others for the short comings that befall them.
    My big lesson came when I was 45 and I found out a phrase that I had miss construed was the complete opposite of what I thought it meant my entire life. The phrase was: It’s a dog eat dog world. You see up until then I thought it was a doggie dog world, being happy and content. My whole life flashed before me and I instantly understood all of the discontent people had about themselves, their lives and their jobs. They were harboring this awful view of dog eat dog. It is a lesson and constant reminder for me that no matter what happens in my life never to become one of those people who blame others and think everyone is out to get me. It has served me well. So my friend thanks for supporting the doggie dogs mantra, willing to be better, being happy and content, no matter what the situation.

  6. Will says:

    A young man full of wisdom

  7. ANDRE HAMILTON says:

    Hey Patrick thumbs up to your testimony,I have had my share of problems in this business,making mistakes is your best teacher and winners are made not born, way to be a winner and right your wrong and face your fears. God Bless!

  8. Steve T says:

    Hi Patrick,

    I couldn’t find the link for the video going over how you dealt w/the ups and downs in the real estate investing world. Could you send me the link? Thanks, Steve

    • Patrick Riddle says:

      Hey Steve, I just checked and the video is on the page here. It may be a browser issue. Try opening in a different one and it should show up fine.

      – Patrick

  9. Abiola says:

    Hey patrick…Did you take down the video? Plz I need to watch it…Plzzzzz!

    • Patrick Riddle says:

      Hey Abiola, the video is still available and is embedded in the blog post here. If it’s now showing up, I would try a different browser.