How an Experienced Real Estate Professional Lost a Million Dollars on a Small Apartment Project
The author lost a million dollars – and that was about all he had. He did it by buying a class C- apartment project of less than 100 units. If this booklet had existed before he purchased the project, and he had bought and read it, he would not have lost that money. And not losing a million dollars is the same thing as making a million dollars, except it’s a whole lot easier to do. More
The author is a late middle-aged real estate professional. He has 30+ years of experience in various aspects of real estate, mostly commercial real estate. He is a Certified Property Manager, a designation bestowed by the Institute of Real Estate Management after accumulating countless hours of education and practical experience. At one point, the author held real estate broker licenses in 6 states. Also, he is a Certified Public Accountant. He is not stupid, despite having done something very stupid.
The author has been president of a residential property management company that owned and/or operated over 10,000 units. Rental revenue exceeded $80 million. We had 450 employees. He lead the business development team that acquired over $370 million of properties. He knows what he is doing; but he still lost a million dollars on a small apartment project that he bought for my own investment. Maybe he can help you to avoid some very obvious mistakes, in hindsight.