EP165 What Was Your Biggest Mistake And What Did You Learn From It

In this episode of "Real Estate Roundtable", the hosts—Glen Sutherland, Aurelien Bonin, and Darcy White—share their biggest real estate investment mistakes and the lessons learned from them, offering listeners valuable insights on how to avoid similar pitfalls. Aurelien Bowen's Mistake: Aurelien lost a property deal because one of the conditions expired, and a fellow investor swooped in to close the deal. He had been working without a real estate agent, which resulted in a missed deadline and loss of the deal to someone he had mentioned it to. This experience emphasized the importance of carefully tracking contract dates and being mindful of who you share deal details with. Lesson: Always leverage a calendar to track contract expiry dates and be cautious about who you share deal information with. Hiring professionals, like real estate agents, can help prevent such oversights. Darcy White's Mistake: Darcy's biggest mistake involved a real estate partnership that lacked a formal agreement. He entered into a deal where he funded the purchase of a property, while his partner was supposed to do the work. However, the partner began invoicing for time without delivering results, leading to a poorly structured deal that went over budget and ended in a $26,000 loss—the only time Darcy ever lost money on a real estate deal. Lesson: Always have a clear, written partnership agreement that outlines responsibilities and consequences. Even if you know your partner well, accountability is crucial to protect both the relationship and the deal. Glen Sutherland's Mistake: Glen once took a referral at face value when expanding into a new market, without doing due diligence on the person referred. The contractor did not meet expectations, leading to project delays and other complications. Glen learned to always ask probing questions to verify the quality and reliability of referrals, rather than simply trusting a recommendation. Lesson: Always perform due diligence on referrals, regardless of the source. Interview the person being referred and ask creative, insightful questions to ensure they have solid systems and practices in place. Avoid making assumptions and vet referrals thoroughly. In sharing these stories, the hosts stress the importance of proper planning, documentation, and due diligence when it comes to real estate partnerships and referrals. Their advice encourages investors to learn from their mistakes, improve their processes, and be more strategic in their business relationships. Join Our Facebook Group & Submit Your Questions https://www.facebook.com/groups/roundtablere