Thread by @NixonMorra, Honest takeI’m taking an L on a property I purchased a few [...]

Nixon Morra

NixonMorra

Honest take

I’m taking an L on a property I purchased a few years ago

Short thread/

Bought a 12 unit property

Got sloppy on due diligence

Probably rushed it a bit because I had a lot of cash I needed invested

There wasn’t a ton of solid risk adjusted return sitting out there and I hate having dead money

Biggest problem is I didn’t do better diligence on that immediate area

I’m talking down to the immediate 1-2 mile area

The surrounding few mile radius is solid, but every area has pockets of crime

No need to dive into the issues that I’ve had in this thread

The point is:

*Don’t get sloppy with your diligence & don’t rush a deal just because you have cash*

I’ve sold properties before, but this is the first one I’ve ever pushed the broker to sell quickly

Not that I want a fire sale, I just don’t care about 5-10% here and there

Now, luckily in the whole scheme of things this deal isn’t material enough to my financial position

And even better, the broker thinks I could possibly sell for a 25% *premium* to what I purchased it for

Now, while it very well may not ultimately be a material financial loss, it was a deal I could have prevented and deployed that capital in a better manner elsewhere

So it feels like an L due to the opportunity cost, plus the realization that I was sloppy

It is a lesson learned however

Don’t get sloppy

Take my L as a reminder

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