How they knocked me out… ..

How they knocked me .....

How they knocked me ..

I will not forget the real estate deal that knocked me out.
It was at the beginning of my career as a real estate entrepreneur. I worked very hard to look for my first deal and then I found it. Exactly what I was looking for…
Everything connected - the area, the renovation, the price… perfect.

Then, when I started the tests, I realized that someone was trying to fuck me.
Out of a cost of $ 65, $ 7 was commissions to two different people who were involved in locating the property and negotiating with the seller.

2 people on my back!
And $ 7 dollars are 11% of the deal!
It's disproportionate!

I dropped out of the deal because I realized they were coming to make a round of me.

One of my colleagues, a more experienced and very successful entrepreneur, took the deal and when we met that week I asked him why he took the deal because I did not understand what the point was.
This is the transcript of the conversation… more or less .. Do not catch me on small, because a long time has passed ??:

Me: What's the point of being a sucker and paying people who do you a favor?
He: I'm not a sucker. But you ... you're completely fucked up and a sucker.
I am: ?????????? ‍♀️??
He: The numbers in the deal worked out for you before you knew that more people would benefit from the deal besides you?
I am. Got along great, but ..
He: There is no mourning. If you keep looking at what other people are earning, you will not make money.
I am: ??
He: Maybe real estate is not for you .. Those who do not know that you have to pay money to make money, will not make money.

Since then he has owned a property that yields him a 10% return and many other assets, basting from that investment and making sure to sprinkle salt on my wounds every time we meet.

I'm glad I was screwed in that deal.
Because I realized, it's me who knocked myself out, and that taught me a lesson worth a lot of money:
Do not look at what other people earn. Look solely at what you earn.
If you are good and profitable - move forward.
If it does not pay off for you - browse.

What do you think, who came out screwed in the story? Me or him?



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Responses

  1. The question is how much you can sell the house for, and who pays that $ 7000. In my case I bought a house at 28K when 7.5K went to the management company that made the sale under an incomprehensible clause, something I only discovered when I came to sell. The house was worth 20K and still worth 20K after two years of endless expenses and repairs and when I came to sell then I realized the 7K was on my back. The viability of the transaction is examined only when it is completed. Maybe the person is making a 10 percent profit right now but tomorrow something will happen and he will have to sell the house and all the 10 percent return will be swallowed up into a 7K loss that will be on his back

  2. I will tell you from the point of view of an Israeli real estate agent: Most Israelis do not like to pay for a service, sad how true that is. Israelis (in most cases) will try to get around the agent, lower it with a commission… There are even rude people who want to get a commission from the agent's commission as a condition of work (the ones I like the most!)…. On the other hand - American customers know how to read numbers (most of them) and they are also rewarded accordingly (the word "bonus" is American and not Israeli). Few are the Israelis who are similar to your friend, and indeed those who internalized and learned "not to look at the treatment but mainly" are the ones who succeed. Health and success.