Thank you for watching - You learn WAY more from your mistakes than from your successes which is why I shared this story. I've been involved in lots of deals after this property, so I'm glad I made my mistakes early on 😂! If you want to see what you SHOULD do, watch My Very Profitable Real Estate Deal: th-cam.com/video/SwYVhFSG7Uk/w-d-xo.html
I wouldn't be surprised if the City did that stuff to the properties. if buyers get the properties cheap and so much work got to be done, who benefits? (the City, and I don't mean the citizens)
hollymatterson I live in NJ. Not too much difference between where I live and Detroit. These tactics and knowledge can be applied to any mediocre to hole-in-the-wall location. But, most people don't intentionally buy in crappy areas. There is usually some sucker-born-every-minute twist in the mix or real estate redevelopment type thing.
-This is the definition of a Nightmarem (Jesus, thanks for sharing) *Remember; a Smart-man learns from his mistakes ~ a Wise-man learns from others mistakes.
@@sunskyriver Why wouldnt he use a world wide media source of knowledge like youtube to study for an exam? Schools have been using youtube for educational purposes for over a decade now.
1. Hire an inspector 2. Hire a licensed contractor 3. Invest into the property 4. Don't leave lock box out in public view 5. Have a secure security deposit in case of any problems with tenant's rent income Thanks bro
Before I ever owned properties, I would have heard a story like this and been positive I would never get myself into that type of situation. Now that I own properties, I have learned how easily it is to find yourself right in the middle of this type of predicaments. Never take for granted good contractors and good tenants.
Never ask an insurance salesman if you need more insurance. You will always know his answer before you ask. Likewise, never ask a general contractor who found the property if it is a good deal for you to buy it and to hire him to repair it.
UltimateBargains .... This is "nearly" always a correct conclusion, but not entirely accurate. There are a few honest business men still around. I am a contractor, have a real estate investment background, and offer my clients honest and accurate advice. To the point i have absolutely advised a client NOT to make a particular purchase because it was not in HIS best interests. It could have been a lot of work for me, but that doesnt mean its what is best for my clients. I am WAY more concerned about long term business relationships and my reputation than i am about a quick dollar. Because of this i have a good solid client base that trust the advice i offer. These are out of state clients that count on me to be their eyes when they cant be here. Is that risky for them? Yes....and that is why trust between us has become the most valuable transaction.
@@ObscureManifesto whole life insurance isn't an investment vehicle for people who have money idk why she wouldn't have told him an annuity. She was either a shitty person or uninformed.
Never, never ever use an inspector recommended by the real estate agents, I've been burned twice.The inspectors will okay everything just to get the house sold/bought.
I disagree with this. The real estate inspectors we hire were very clear about advising Us. In fact, they went above and beyond what was actually legal for them to do. To protect us from buying a really bad property, our inspector called our realtor in the other room to tell him to tell us not to buy it because the inspector couldn't directly tell us that.
That's why I always ask for these so called 'inspectors' to put everything into writing, time, date, what needs to be done, date required, date for next inspection and sign it. That way if something goes south, you at least have a bit of protection and something to show the court/government agency.
I used to be a licensed contractor, I would require 25 to 50 percent down before starting work. I would never start a job without some money down because that would require me to trust the owner 100 percent to pay me. If you don't get money up front you are taking on too much credit risk as a business owner in my opinion. There aren't a lot of businesses that will essentially give you 50k up front on your word you will pay them later, not sure why people think that is reasonable in the construction industry.
Man U hire ME- Im the PropMan property manager... 1/3 of payment to contractors once on site and work begins ILL PAY FOR MATERIALS BUT IM ON SITE WHEN THEY ARRIVE EVERYTHING IN PHASES
I can feel the pain in your voice when talking about this property. The one thing I've learned about working with people is that if you give anyone room to screw you over, chances are they will. Congrats on seeing it through to the end Jaspreet!
Deadbeat Super Affiliate I’ve been a landlord for quite a while I always live by the saying - ‘NO GOOD DEED GOES UNPUNISHED’!!All tenants think landlords are filthy rich!!
I had this, almost exact, same story happen to me in IL down by E St. Louis. The person that led me astray was a real estate agent friend who just wanted to make a commission. The inspector I hired worked for her. The guy that left me stranded and I had to evict let his dog run in the house for at least a month and there was crap on everything including all the furniture he left inside. And they stole my water heater and all the copper pipe in the basement by turning the water off at the street. And all the contractors I hired kept making things worse. I ended up watching TH-cam and fixed things on my own. I never recovered from the torture of that property. I eventually had to do a short sale because I got so deep in it and every tenant I brought in found a way to not pay the rent. I later found out the cops were surveying the place for drug activity. And the city of Belleville, kept finding ways to add fees and taxes until it was impossible to own. Very tough to watch ur video. But thanks for sharing. Keep it up.
Dude I literally just subscribed to this, and I could actually feel the pain you were going through trying to describe that home. But I promise I gathered much information out your woes! I really hate that it happened to you the way that it did but it was a learning experience for you as well as countless others that you have graciously took the time out to share with us all. Thank you sir for this informative testimony...
My mother is a real estate agent and I've heard so many stories like this. The tips you gave on getting your own contractors and legal contract is so true.
Even here in Norway (yeah, in Europe, not USA), Detroit is *infamous* for being the worst place to invest in property. Thanks for this video, though. Did you know Warren Buffetts company is named after his worst investment? Yeah, it's to remind him to never do so poorly again.
Yes, I have had similar situations. I admire your tenacity and persistence. I'd rather just own reits. Keep up the good work, my brother. You are making a difference and your work is highly appreciated. Thank YOU!
Grit and persistence are essential to success at any level. Nice job sticking through it. Talking about the lessons you learned from a struggle period in your life was a great video idea, you should do more like these lol.
This has to be hands down one of your best videos. I really appreciated how honest and vulnerable it was. Like not to hate on your newer videos (because I watch them like everyday) but this one speakers 100x louder because there was so much to learn and no hype music/comedy to distract the audience. Definitely would love to see more like this
Shady contractors, crapy tenants, illegal baby sitting operations...thats Detroit for you. Invest in higher dollar properties only in this city. Awesome vids thank you!
Got very similar situation in UK. Bought property without really checking it. At the time I was on a roll. And thought I couldn't go wrong. I bought it with so many issues. One of them, it Had a protected tenant so I could've even get rid of the property for years and has cost me 1000's. Finally selling it now at a loss. Man it sucks, but learned a lot.
Don't feel bad.. on second thought I hope you feel horrible and never do it again! My dad and others have "traded" repairs for rent... not one came out well. He had a guy stay for 3 months and when dad finally got around to evicting him, the guy called the inspector and health department and complained that he was living in substandard housing. Another deal.. dad sold some bare land that he bought for 16k and sold it for 300k w/50k down owner carry at 10%/15 years at the peak prior to the 2008 fall. I told dad to sell the note and run. Dad got greedy and said he was going to make "un chingo de pesos"(actually dollars but he thinks all money is pesos) so he held onto the paper. 2 years later the economy dumped and the guy defaulted. I owned the property next door so it was convenient to park my dumpsters on (formerly) dad's property. Once dad served papers, the guy called the cops on me to move my dumpsters! Dad said "Well..I guess the guy's only human". Dad repossessed the property and then couldn't sell it for jack! Our economy got so bad even the prostitutes in town dropped their prices. Years later..(6 months ago) the guy came all smiles and wanted to borrow a huge sum from dad. He offered him some farmland as collateral. Dad jumped on it and the guy immediately took off to Mexico. It turned out that the farm lost its water rights and it was basically worthless. I guess dad can go into solar farming. What pisses me off is that we're suppose to be the smart ones yet a tenant can throw his tennis shoes into the bedroom and he is suddenly in control of OUR MONEY!!!!
Yeah, when my father threw me out the house I was forced to drop out of H.S. in order to have a place to stay, that was my 1st worst decision. I HAD to be a follower cause I was too uneducated to have a minority mindset. And I'm STILL in the same situation, but as long as I'm alive I'm going to continue to try to achieve my goal of independentcy. Thanks for your video's it is VERY uplifting to help me see what happens when you DON'T give up 👍🏾
Thank u jaspreet! Wish I could hug u man because for so often in investing people only show the good side with the yachts and cars but don’t talk about the failures which I love thank u
OMG! That’s horrible but, thanks for your candor on such a painful event. I’ve had my share of problems including letting an X girlfriend live in the property without all her financial info or a credit check-you know how that turned out-she paid for 6 months and left me with the bill. Literally, I also co-signed for a friend on a loan who did something stupid and lost his job-which stuck me with his loan. Both of these things happened at the same time and forced me ultimately into bankruptcy. Like your examples, you gotta do your homework and protect yourself which i was to naive to do back then. There are no friends in business and anyone trying to be your friend is trying to screw you! No collateral, no loan. No checking of merchandise or property by professionals, no deal! Be careful out there!
What a freaking nightmare Jaspreet! I am a Landlord too and I have had my share of nightmares. But not to this level. Man, am I grateful. BTW I would have sold it as is after 4 months.
I loved that you talked about this. The fact that we so seldomly speak about our failures is the reason these and similar situations are more common than we think.
If you would have hired a realtor you would not have had so many problems, but since you are a realtor yourself, you took short cuts this is a good lesson. That if we get our license to do our own deals, be a good realtor, not just an investor. Glad you came back and did not give up. Thanks for sharing because most videos only share success. Appreciate this, really!!!
Your wife needs to be managed? Dang I feel sorry for you mane, you are married to a girl than a woman there! I know girl is fun, but that is what you need to pay for fun girl! You need to manage your wife, and you kid now rather than have your wife stand beside you building up the future!
Hi my names mark . I'm 56 years old. Never owned property n always rented so my money's wasted. I'm starting over , I've watched your videos so far and am gonna do better now. I like this video so I can learn how to buy a place sum day . Your truly a hero n one cool dude . Thank for being here .
My mistake was buying my first home with a family who now refuse to make mortgage contributions. Refuse to sell, refuse to buy me out. When i filed a partition action, they filed a protection order to get me out of the house. 2 years, and $15000 in legal fees, and i still didn't see the judge as yet. Do your research before buying a property as a co owner. Have a contract in place, and make sure the other party can't stop a partition of the property.
Sorry to hear you went through all this mess. Thanks for sharing with us, some of us do pay attention and do take notes so what you endure was not in vain. Thanks Jaspreet... highly appreciate your advises.
its billions of dollars being poured into the city you gotta see it with your own eyes. I got 10 rentals there and I live in austin texas. Plus majority of investors from new york, brazil, europe and canada.
This is the most _real_ TH-cam financial video I've ever seen. Much more impactful compared to anecdotal stories given while on a set. It gives people hope and belief by showing them a slice of real life, that it may not be all roses and rainbows and if you can encounter and get through things like this, they can also. Thank you for your honesty and this video.
Thank you for being so real! This is brilliant. I am not in real estate but this applies to business in general. Most of us start businesses with no experience and we learn from our mistakes.
Dang!!!! That cement thing is messed up. New subscriber here, hope you are doing well. I working on my finance game in real estate right now. Tired of working for people. Thank you for all of your great videos. I've subscribed to get your e-book as well. Keep the faith and continue to prosper and help others along the way. We can do this!
It's really good to hear about stories like this, there's so much positive info out there about how real estate makes you so much money but they really don't emphasize how it comes with a lot of risk, and not just from the people you're renting to.
Bro your videos are so "real" and authentic. Thanks for your dedication to help everybody become financially woke. Hoping to take your Climb Wealth Blueprint course. Keep Hustlin
I bought a house from my father, paid off the house over 12 years in payments. Asked for the deed to be transfer into my name and than he tells me that he gave the house to his ex wife in the divorce. She comes forward and tells me that she wants the house. Mind you that I repaired and updated EVERYTHING in the house. So I tell her to reimburse me for the money I put into the house and she can have it. She tells me nope she wants is free and clear and that it’s hers. Needless to say she Serves me with a law suite. Next week is mediation and if we come to an agreement we have trail in 4 months. Never do business with family.
Thank you for watching - You learn WAY more from your mistakes than from your successes which is why I shared this story. I've been involved in lots of deals after this property, so I'm glad I made my mistakes early on 😂! If you want to see what you SHOULD do, watch My Very Profitable Real Estate Deal: th-cam.com/video/SwYVhFSG7Uk/w-d-xo.html
Minority Mindset I don't feel bad now with my 1st rental property. without failure...there is no success!
I wouldn't be surprised if the City did that stuff to the properties. if buyers get the properties cheap and so much work got to be done, who benefits? (the City, and I don't mean the citizens)
hollymatterson I live in NJ. Not too much difference between where I live and Detroit. These tactics and knowledge can be applied to any mediocre to hole-in-the-wall location. But, most people don't intentionally buy in crappy areas. There is usually some sucker-born-every-minute twist in the mix or real estate redevelopment type thing.
-This is the definition of a Nightmarem (Jesus, thanks for sharing)
*Remember; a Smart-man learns from his mistakes ~ a Wise-man learns from others mistakes.
Minority Mindset hey wusup buddy
Videos like this are priceless. None of these "real world" problems your discussing are on any college exam. You have a great channel.
What's amazing is this is the only way a lot of guys like me can learn this information.... aka real world examples and experiences.
BUT ITS COMMON SENSE TO HAVE ANY BUSINESS AGREEMENT ON PAPER
Didn't realize you were on TH-cam to study for your college exams. You sound stupid, but I get what you're trying to say.
@@sunskyriver Why wouldnt he use a world wide media source of knowledge like youtube to study for an exam? Schools have been using youtube for educational purposes for over a decade now.
@@sunskyriver You're behind the times. catch up, This isnt 1982 anymore. We have E-books now
1. Hire an inspector
2. Hire a licensed contractor
3. Invest into the property
4. Don't leave lock box out in public view
5. Have a secure security deposit in case of any problems with tenant's rent income
Thanks bro
0. Don't buy property in Detroit.
And number 6. Don’t buy an investment property in Detroit!!
I’d buy one for a long term investment has to be professionally inspected head to toe
@@DaveWard-xc7vd really it that bad
3.5 make sure you've got an attorney reviewed contract with the contracter you hire to fix up the property.
This is REAL business, 101. I'm impressed with your honesty.
Before I ever owned properties, I would have heard a story like this and been positive I would never get myself into that type of situation. Now that I own properties, I have learned how easily it is to find yourself right in the middle of this type of predicaments.
Never take for granted good contractors and good tenants.
This video should be called A series of unfortunate real estate events
LMAO!
That’s funny😂....the joke, not the fact that it happened to jaspreet....that part’s sad😔
That is how you learn, he was just a college grad learning the ropes. A seasoned pro (which he will become one day) would have avoided most of these.
Never ask an insurance salesman if you need more insurance. You will always know his answer before you ask.
Likewise, never ask a general contractor who found the property if it is a good deal for you to buy it and to hire him to repair it.
You got that right!!
That and Detroit failed to adapt to changing conditions.
UltimateBargains .... This is "nearly" always a correct conclusion, but not entirely accurate. There are a few honest business men still around. I am a contractor, have a real estate investment background, and offer my clients honest and accurate advice. To the point i have absolutely advised a client NOT to make a particular purchase because it was not in HIS best interests. It could have been a lot of work for me, but that doesnt mean its what is best for my clients. I am WAY more concerned about long term business relationships and my reputation than i am about a quick dollar. Because of this i have a good solid client base that trust the advice i offer. These are out of state clients that count on me to be their eyes when they cant be here. Is that risky for them? Yes....and that is why trust between us has become the most valuable transaction.
My dad asked an insurance sales lady where to invest his money. Guess what her answer was? WHOLE LIFE INSURANCE. TOTAL WASTE OF MONEY.
@@ObscureManifesto whole life insurance isn't an investment vehicle for people who have money idk why she wouldn't have told him an annuity. She was either a shitty person or uninformed.
Never, never ever use an inspector recommended by the real estate agents, I've been burned twice.The inspectors will okay everything just to get the house sold/bought.
As long as they are licensed, you should be fine. Go back and say the inspector missed it, so they are liable.
Yep, never ever. Speaking from experience. Also don’t let them be onsite with your inspector the day of inspection.
agreed. I got burned on my first home purchase because of bad inspection.
I guess I am lucky so far then. My agent recommend me a house inspector and the inspector recommend a lot of things to be fixed!
I disagree with this. The real estate inspectors we hire were very clear about advising Us. In fact, they went above and beyond what was actually legal for them to do. To protect us from buying a really bad property, our inspector called our realtor in the other room to tell him to tell us not to buy it because the inspector couldn't directly tell us that.
One-third of the way through and my anxiety is so high! It's not even my property/problem!
😁 same here and i dont live in America!!!
permits for smoke detectors and painting windows? That sounds like corruption
hallmonitor98 I think you mean "regulations"
Bad luck and good ol' Detroit public corruption.
The founding fathers would be so pissed if they heard you had to pay a tax to do your own work. This country is a fucjing joke
That's why I always ask for these so called 'inspectors' to put everything into writing, time, date, what needs to be done, date required, date for next inspection and sign it. That way if something goes south, you at least have a bit of protection and something to show the court/government agency.
Corruption? In Detroit? 😂
Holy Moly! Crazy story. Thanks for going into so much detail. A lot of valuable lessons learned and shared.
Can we hear your worst story Kris?
Hey Kris you should do one like this to share with us your worst lessons learned!
Never pay contractor before they do work
jay c exactly!!!!
Great advice. After they get the money, there is no incentive to do the work.
Dont hire shitty contractors....guarantee this guy he hired was piss cheap...was bound to happen.
I used to be a licensed contractor, I would require 25 to 50 percent down before starting work. I would never start a job without some money down because that would require me to trust the owner 100 percent to pay me. If you don't get money up front you are taking on too much credit risk as a business owner in my opinion. There aren't a lot of businesses that will essentially give you 50k up front on your word you will pay them later, not sure why people think that is reasonable in the construction industry.
Man U hire ME- Im the PropMan property manager... 1/3 of payment to contractors once on site and work begins ILL PAY FOR MATERIALS BUT IM ON SITE WHEN THEY ARRIVE
EVERYTHING IN PHASES
the city was just milking you because they're low on money. that would have drove me nuts.
I like this guy! Authentic true hustler
Two videos in instant subscribe
Looks like he got hustled to me.
me2
I can feel the pain in your voice when talking about this property. The one thing I've learned about working with people is that if you give anyone room to screw you over, chances are they will. Congrats on seeing it through to the end Jaspreet!
Deadbeat Super Affiliate exactly. That’s been my experience as well. People call me cynical but I’m just a realist.
Yeah man. No honoe or respect in our society anymore. Well atleast its rare
Priceless comment, if someone wants to screw us they will.
Deadbeat Super Affiliate I’ve been a landlord for quite a while I always live by the saying - ‘NO GOOD DEED GOES UNPUNISHED’!!All tenants think landlords are filthy rich!!
Failure is the greatest teacher💪🏾
I had this, almost exact, same story happen to me in IL down by E St. Louis. The person that led me astray was a real estate agent friend who just wanted to make a commission. The inspector I hired worked for her. The guy that left me stranded and I had to evict let his dog run in the house for at least a month and there was crap on everything including all the furniture he left inside. And they stole my water heater and all the copper pipe in the basement by turning the water off at the street. And all the contractors I hired kept making things worse. I ended up watching TH-cam and fixed things on my own. I never recovered from the torture of that property. I eventually had to do a short sale because I got so deep in it and every tenant I brought in found a way to not pay the rent. I later found out the cops were surveying the place for drug activity. And the city of Belleville, kept finding ways to add fees and taxes until it was impossible to own. Very tough to watch ur video. But thanks for sharing. Keep it up.
As a landlord I feel your pain, and yes I have a nightmare property too
I am so glad I found your channel. I make decent money and am in my mid 30's with a son. I want to create a legacy.
Seems like those property inspector are actually friends with each other earning extra cash with all the renovation.
My wallet hurt after watching this and it didn't cost me a dime. I can't imagine what Jasprit must have felt like.
Omg what a nightmare. The cement 😱
Thanks for sharing your experience. Glad to see you didn't let this deter/defeat you. You overcame cause you keep positive and stay hustlin
+Felicia Charles Thank you!! Always :)
Sikhs are like that, they are very peaceful people.
Dude I literally just subscribed to this, and I could actually feel the pain you were going through trying to describe that home. But I promise I gathered much information out your woes! I really hate that it happened to you the way that it did but it was a learning experience for you as well as countless others that you have graciously took the time out to share with us all. Thank you sir for this informative testimony...
You my Friend, are the epitome of "The American Dream". Salute 👏
Shows the government at its best
Jake Schultz what 😂
Government is a waste
Especially Detroit. City of corruption.
And I thought my city inspectors were bad .Mine were so bad I had to bring in lawyers just to get electrical inspection Approved
Jake Schultz liberal democrat government for sure.
Daaaaam your nice, People taking anvantage of your kindness.
Wow, you shared the very reasons why I will never be a landlord... thanks man, this advice is worth a lot...
My mother is a real estate agent and I've heard so many stories like this. The tips you gave on getting your own contractors and legal contract is so true.
Even here in Norway (yeah, in Europe, not USA), Detroit is *infamous* for being the worst place to invest in property. Thanks for this video, though. Did you know Warren Buffetts company is named after his worst investment? Yeah, it's to remind him to never do so poorly again.
I know this is off topic but that jacket is 🔥🔥🔥
Dion Knox lmao but true
Dion Knox it looks so good on him lmap
Yes, I have had similar situations. I admire your tenacity and persistence. I'd rather just own reits. Keep up the good work, my brother. You are making a difference and your work is highly appreciated. Thank YOU!
I learned a great deal in this video. Thanks for sharing. Sorry you had to deal with such a headache.
I feel stressed for you man 😅. Thank you so much for sharing! It means the 🌎 to be exposed to this level of knowledge and experience
"There is crime in Detroit." ~ Jaspreet
LOL
I guess why building Robocop in Detroit makes sense
Well, That experience earned you a subscriber today! :)
Grit and persistence are essential to success at any level. Nice job sticking through it. Talking about the lessons you learned from a struggle period in your life was a great video idea, you should do more like these lol.
So what were the final numbers in terms of all in cost versus how much you sold the property? Thanks for the vid!!!
This has to be hands down one of your best videos. I really appreciated how honest and vulnerable it was. Like not to hate on your newer videos (because I watch them like everyday) but this one speakers 100x louder because there was so much to learn and no hype music/comedy to distract the audience. Definitely would love to see more like this
Man, very hard lessons learned when you naturally have a big heart, and especially when running a business. But it is necessary.
Shady contractors, crapy tenants, illegal baby sitting operations...thats Detroit for you. Invest in higher dollar properties only in this city. Awesome vids thank you!
Got very similar situation in UK. Bought property without really checking it. At the time I was on a roll. And thought I couldn't go wrong. I bought it with so many issues. One of them, it Had a protected tenant so I could've even get rid of the property for years and has cost me 1000's. Finally selling it now at a loss. Man it sucks, but learned a lot.
One of the best videos in Real Estate investing
You are a Saint ! Thank you for posting this !
Don't feel bad.. on second thought I hope you feel horrible and never do it again! My dad and others have "traded" repairs for rent... not one came out well. He had a guy stay for 3 months and when dad finally got around to evicting him, the guy called the inspector and health department and complained that he was living in substandard housing. Another deal.. dad sold some bare land that he bought for 16k and sold it for 300k w/50k down owner carry at 10%/15 years at the peak prior to the 2008 fall. I told dad to sell the note and run. Dad got greedy and said he was going to make "un chingo de pesos"(actually dollars but he thinks all money is pesos) so he held onto the paper. 2 years later the economy dumped and the guy defaulted. I owned the property next door so it was convenient to park my dumpsters on (formerly) dad's property. Once dad served papers, the guy called the cops on me to move my dumpsters! Dad said "Well..I guess the guy's only human". Dad repossessed the property and then couldn't sell it for jack! Our economy got so bad even the prostitutes in town dropped their prices. Years later..(6 months ago) the guy came all smiles and wanted to borrow a huge sum from dad. He offered him some farmland as collateral. Dad jumped on it and the guy immediately took off to Mexico. It turned out that the farm lost its water rights and it was basically worthless. I guess dad can go into solar farming. What pisses me off is that we're suppose to be the smart ones yet a tenant can throw his tennis shoes into the bedroom and he is suddenly in control of OUR MONEY!!!!
man thats a scary story worth telling at a camp fire!!
Yeah, when my father threw me out the house I was forced to drop out of H.S. in order to have a place to stay, that was my 1st worst decision. I HAD to be a follower cause I was too uneducated to have a minority mindset. And I'm STILL in the same situation, but as long as I'm alive I'm going to continue to try to achieve my goal of independentcy. Thanks for your video's it is VERY uplifting to help me see what happens when you DON'T give up 👍🏾
Brooo dam this is an eye opener. You are a tough man, to withstand all the bs.
Wow man even really smart people make mistakes. I just bought my first property and I'm doing the work all myself. Contractors are too expensive
ianbernardoful tell is how it went
how did that go for you man?
Did you pay it outright?
????
You're supposed to buy the property at a price where hiring contractors isn't too expensive. It's the repairs and CapEx part of your due diligence.
man I love this guy already!!! and I'm a Detroiter.... I knew this was a Detroit house from the thumb nail!!!
colabare I said the same thing!
I'm from Michigan and I could tell instantly that this house was local.
Ditto! Now Keep Hustlin!
Hahahaha yup
I recognized it as Detroit too!
Thank u jaspreet! Wish I could hug u man because for so often in investing people only show the good side with the yachts and cars but don’t talk about the failures which I love thank u
OMG! That’s horrible but, thanks for your candor on such a painful event. I’ve had my share of problems including letting an X girlfriend live in the property without all her financial info or a credit check-you know how that turned out-she paid for 6 months and left me with the bill. Literally, I also co-signed for a friend on a loan who did something stupid and lost his job-which stuck me with his loan. Both of these things happened at the same time and forced me ultimately into bankruptcy. Like your examples, you gotta do your homework and protect yourself which i was to naive to do back then. There are no friends in business and anyone trying to be your friend is trying to screw you! No collateral, no loan. No checking of merchandise or property by professionals, no deal! Be careful out there!
Damn. I guess Detroit is not a bargain after all!
Froggy Frog 9000 it’s not Detroit, it was his fault for not doing his due diligence. I have property in Detroit and none of this happened to me.
No, he was getting a shake down from the organized crime syndicate that runs the city.
Froggy Frog 9000 😂😂😂
Better off burning it
Froggy Frog 9000, Detroit is cheap for a reason. What a PS City.
Man, every single video you have till now are so potent and informative that I had to creat a folder and call it "watch again". Thanks bro!!
Thanks for being real. Congrats on getting through that. I’ve had a nightmare tenant but it’s nothing compared to what you went through.
I'm so sorry that happened to you... Thank you so much for sharing your story, and staying positive and motivated...You are a gem.
Businessman in college
WTF
I just used to watch movies in college
The biggest mistake he didn’t mention was NEVER buy in Detroit!
So many people from the suburbs come to detroit and think they'll be millionaires. its the funniest thing
TRUE
Thank you for being honest and talking about your past mistakes.
Shows nothing but bravery and self confidence .
What a freaking nightmare Jaspreet!
I am a Landlord too and I have had my share of nightmares.
But not to this level. Man, am I grateful.
BTW I would have sold it as is after 4 months.
" Finally get a tenant. Wooooo"
I felt that.
One of your best videos yet! Id love for you to do more real estate videos thanks for the video and keep hustlin
I loved that you talked about this. The fact that we so seldomly speak about our failures is the reason these and similar situations are more common than we think.
If you would have hired a realtor you would not have had so many problems, but since you are a realtor yourself, you took short cuts this is a good lesson. That if we get our license to do our own deals, be a good realtor, not just an investor. Glad you came back and did not give up. Thanks for sharing because most videos only share success. Appreciate this, really!!!
Learn and read about REITS there better investments than buying physical property in my opinion
I'm staying far from real estate. I can't. My children and wife are enough management for me. I gotta diversify in something else lol.
Your wife needs to be managed? Dang I feel sorry for you mane, you are married to a girl than a woman there! I know girl is fun, but that is what you need to pay for fun girl! You need to manage your wife, and you kid now rather than have your wife stand beside you building up the future!
Wow. You went through the wringer. Glad you got through it. Thank you for sharing your story.
Man, oh man, sorry to hear all of that happened to you. Thanks for the advice! Love the videos, keep striving for greatness!!!
Cutting corners, in the end, costs more.🇨🇦
War stories like this is where I learn the most. Thank you for being real and honest! A subscribe and like from me.
Hi my names mark . I'm 56 years old. Never owned property n always rented so my money's wasted. I'm starting over , I've watched your videos so far and am gonna do better now. I like this video so I can learn how to buy a place sum day . Your truly a hero n one cool dude . Thank for being here .
😱😱😱......I would die. This is terrible. You have s fantastic message. Investors can definitely learn from this. 👍🏽
thanks for sharing. Working on doing a deal in Detroit. Now I'm really going to make sure.......all my T's are crossed & all the eye's are dotted.
This man is fire and extremely motivational. Thank you for the wise and inspiring words and story!
My mistake was buying my first home with a family who now refuse to make mortgage contributions. Refuse to sell, refuse to buy me out. When i filed a partition action, they filed a protection order to get me out of the house. 2 years, and $15000 in legal fees, and i still didn't see the judge as yet. Do your research before buying a property as a co owner. Have a contract in place, and make sure the other party can't stop a partition of the property.
Excellent video. Amazing that you didn’t quit. I’ve had similar experiences. Thank you.
Never in my wildest dreams would I want to own anything in Detroit
Man they was messing with you. People rent without inspections all the time in Detroit
Sorry to hear you went through all this mess. Thanks for sharing with us, some of us do pay attention and do take notes so what you endure was not in vain.
Thanks Jaspreet... highly appreciate your advises.
Experience and Mistakes is the greatest Teacher. Love your hustle and channel! Thanks for sharing your story! Keep Grinding!
Haha i knew this was detroit just from that outside and awning.
Always glad to find someone local on YT
biggest mistake: detroit
its billions of dollars being poured into the city you gotta see it with your own eyes. I got 10 rentals there and I live in austin texas. Plus majority of investors from new york, brazil, europe and canada.
Ericka Williams Agreed. I have properties there myself and live out of state. Do you use a property manager or manage them yourself?
Am really glad it worked out at the end. Not only you've learned a valuable lesson, we did too. Thank you for sharing!
This is the most _real_ TH-cam financial video I've ever seen. Much more impactful compared to anecdotal stories given while on a set. It gives people hope and belief by showing them a slice of real life, that it may not be all roses and rainbows and if you can encounter and get through things like this, they can also. Thank you for your honesty and this video.
lol, don't need to watch anything after hearing Detroit.
very useful advice
Thank you for being so real! This is brilliant. I am not in real estate but this applies to business in general. Most of us start businesses with no experience and we learn from our mistakes.
Dang!!!! That cement thing is messed up. New subscriber here, hope you are doing well. I working on my finance game in real estate right now. Tired of working for people. Thank you for all of your great videos. I've subscribed to get your e-book as well. Keep the faith and continue to prosper and help others along the way. We can do this!
I would love to see the final true numbers on this project.
More like "how to avoid crooks" Jesus dude. At least that's over and done with
DUDE!! Super informational, and super inspiring. Thank you
It's really good to hear about stories like this, there's so much positive info out there about how real estate makes you so much money but they really don't emphasize how it comes with a lot of risk, and not just from the people you're renting to.
Loved the video
Bro your videos are so "real" and authentic. Thanks for your dedication to help everybody become financially woke. Hoping to take your Climb Wealth Blueprint course. Keep Hustlin
Oh man I had one of these. These stories usually start with I trusted a contractor and didn't get an inspection. Super entertaining thanks.
Thank you for coming out and sharing your story
As soon as you said Detroit I realised your biggest mistake.
Damn dude that's rough. Some times the best lessons are the hardest
Jaspreet, I really appreciate your content candor... This is the type of thing that would make most folks just give up, kudos for sticking with it!👊🏾
I bought a house from my father, paid off the house over 12 years in payments. Asked for the deed to be transfer into my name and than he tells me that he gave the house to his ex wife in the divorce. She comes forward and tells me that she wants the house. Mind you that I repaired and updated EVERYTHING in the house. So I tell her to reimburse me for the money I put into the house and she can have it. She tells me nope she wants is free and clear and that it’s hers. Needless to say she Serves me with a law suite. Next week is mediation and if we come to an agreement we have trail in 4 months. Never do business with family.