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You are here: Home / How I Lost Money in Real Estate before it was Fashionable / How I lost money in real estate before it was fashionable, Part I: Impossibly Naive.

How I lost money in real estate before it was fashionable, Part I: Impossibly Naive.

by jlcollinsnh 8 Comments

Part 1:  Impossibly Naive.

Up In Smoke

Nowadays, everybody has a tale of money lost in Real Estate.  Dreams and cash evaporated.  It has become all the rage.

Hard perhaps to believe now, but time was not so long ago, real estate was a can’t lose proposition.  People said things like, “Buy land.  It can only go up.  They’re not making anymore of it.  Houses can only go up in value.  You can’t lose”    And other people didn’t laugh at them.  No, really.  They laughed at me.

That’s because, all thru the 1980s, 1990s and well into the 2000s I was saying, “Oh yes you can.”  And I had the sad tale to back it up.

In January 1979 I had returned from a trip to Florida.  No sooner had I walked in the door than my phone began to ring with an especially insistent tone.  It was my pal and old college roommate Steve.

“Where the hell have you been?” he said.  “I’ve been trying to reach you all week.”  These were the days before cell phones.  Before answering machines, even.

A few months earlier we had been having breakfast together in a local cafe.  Steve had the idea that we should partner and buy a 2-flat.  He’d take one apartment and I the other.  Seemed like a good idea.  Everybody was touting the soundness of investing in real estate.  The tax advantages.  Not the least, his father who was a banker.  As such, he could also pave the way for financing for us.  No small thing at the time.

very much like a 2-flat I did eventually buy

After eating we walked across the street to a local broker’s office.  We told the agent what we had in mind.  We told him our budget was 100k, a significant sum at the time.  He asked if we were willing and able to take on a rehabbing project.  We said no on both counts.  He said in that case there was no possibility.  We thanked him and left.

A couple of points at this juncture.  What the hell was he thinking?  Looking back, the market in that Chicago neighborhood in that price range should have been brimming with options.  And, what the hell were we thinking just taking one guy’s word for it and letting it drop?  A 2-flat would have been, in hindsight, a far sounder investment than the debacle to come.

Now, personally I didn’t much care.  Out of school a few years, my career was humming along nicely.  I was making good money, single and enjoying the carefree life of a renter, although I didn’t fully appreciate that at the time.

my idea of Shangri La

Steve, however, was motivated.  That’s why he called.  He’d kept looking.  He found his Shangra La.  He had just put money down on a condo and wanted to be sure I had a shot at one before they were all gone.  Condos were hot.  They could only go up in value.

This one was an old 1920s era courtyard building right on the lake.  The developer was gutting the apartments.  Each would have its own heating and AC systems.  Everything would be new inside the units while maintaining the stately exterior.  I went to check it out.  I looked at a 1-bedroom on the top floor for $40,000.

It was an empty shell, demolished to the studs. I took all the options adding another 5k to the price.  Wrote a check for 5k and signed the papers.  The developer, YP, and I shook hands.  Smiles all around. It was February.  It was scheduled to be completed August 1st.  My lease ended September 31st giving me a couple of month’s cushion for the unexpected. What could possibly go wrong?

what Steve found

No, I didn’t look at anything else.  No, I didn’t check out the developer.  No, I didn’t run any numbers.  I figured Steve and his banker dad had done all that pesky legwork.

Yes.  I was impossibly naive.

Over the next several months, as I shared the good news with friends and colleagues, I received wise and consistent advice.  Visit the work site often.  Monitor the progress.  Stay on top of it.  This, of course, I failed to do.  I didn’t have time.   I didn’t have the expertise.  I didn’t have the inclination.  They were the experts.  I had effectively hired them to do a job, why would I want to get in the way?  Why indeed.

Along about mid-August I decided to go have a look.  With two weeks past the finish date and two weeks till my planned move, only the final touches should be remaining.  I was eager to see my new home.  I was horrified.  It was completely untouched.  Two weeks past the due date and not a spec of broken plaster had been disturbed.

it looked like this

In a passion I stormed down to YP’s office.  Moments later, fists on his desk, looming over his shrinking form I inquired, perhaps not entirely politely, what the hell was going on.  He assured me all was well.  Two weeks was plenty of time.  Moreover, if I was unhappy (if??) he would cheerfully refund my money.  That calmed me a bit.

I sat back.  Thought a moment.  I knew it wasn’t going to happen in two weeks, but my lease ran thru September.  I had six. YP seemed sincere.  I wanted the apartment.  I made the second big mistake.

“No,” I said.  “I don’t want the money back.  I want the apartment.  Just get it done.”  And I left.

Now finally I began to follow that earlier and excellent advice.  Every few days I showed up.  I encouraged.  I bullied. I ranted. I praised, although finding reasons for this was vanishingly hard.  More than once, YP again offered me my money back.  More than once, I said no.

This dragged on for weeks.

I went to my landlords.  I had been renting for several years from three Croatian brothers.  They did a great job running the building and I was a great tenant.   They were delighted to let me continue on a month-to-month basis.  It pays to pay your rent early and not trash the place.

Slowly the condo apartment began to take shape.  But each step forward, meant another back.  Other owners were discovering the same problems.  They, too, began to apply pressure.  YP’s work crew was woefully inexperienced and far too small to get it all done.  But few of my fellow owners were as willing to be as demanding as I and none were more intimidating to have scowling in his office.  Progress was made, but not enough.

This I couldn’t enjoy that year

August turned to September.  September to October.  The leaves colored and fell. The wind off the lake turned chill.  I reached the end of my patience.  The apartment was about 80% done, but I was finished.

One day in his office I said, “YP, I’m going to accept your offer.  I’ll take my money back now.”

“No,” he said, “I can’t do that.”  Looking back I realize now he meant literally, there was no way he could.

“Here in our contract,” I said, “it clearly states if the apartment is not finished within six weeks of the original move in date, I have the right to demand my deposit back.  I am exercising that right.”

“No,” he said.

“You have to,” I said, “It’s in the contract.”

“So sue me,” he said.

The conversation went downhill from there.

A few days later, in Wayne’s office, I was raving.  Wayne was my lawyer and I was in for an education.

To be continued….

Part II:  The Limits of the Law


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Important Resources

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  • NewRetirement offers cool tools to help guide you in answering the question: Do I have enough money to retire? And getting started is free. Sign up and you will be offered two paths into their retirement planner. I was also on their podcast and you can check that out here:Video version, Podcast version.
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Filed Under: How I Lost Money in Real Estate before it was Fashionable

« You, too, can be conned
How I lost money in real estate before it was fashionable, Part II: The Limits of the Law. »

Comments

  1. Dollar D says

    March 16, 2012 at 11:48 am

    I’m not liking where this story is going… I’m sure it’s painful to revisit. Thanks for sharing!

    Reply
    • jlcollinsnh says

      March 16, 2012 at 11:59 am

      stay tuned. it’s gonna get ugly!

      Reply
  2. femmefrugality says

    March 16, 2012 at 8:56 pm

    Geez oh man. I’ve heard nothing but bad things about contracting new/rebuilds. Looking forward to part 2…

    Reply
    • jlcollinsnh says

      March 18, 2012 at 7:10 pm

      Parts 3, 4 & 5 too, I hope. 😉

      Reply
  3. Kari (@SmallBudgetBigD) says

    March 17, 2012 at 11:09 am

    Oh no, it’s like a car wreck you can’t turn away from 🙁 Anxiously awaiting part II

    Reply
    • jlcollinsnh says

      March 18, 2012 at 7:09 pm

      and it’s only taken me 30 years to be able to talk about it. 🙂

      Reply
  4. Ashley says

    March 6, 2018 at 1:09 pm

    Hey Mr. Collins, do you have an artist credit for your “Shangri La” picture? I’m writing a fantasy novel and its perfect for my island setting. I’d love to get more inspiration from the artist. Also, I’m listening to your book right now! It’s kick ass!!! And kicking my ass into gear! Thank you for addressing the emotional preparedness so thoroughly! <3

    Reply
    • jlcollinsnh says

      March 6, 2018 at 5:22 pm

      Hi Ashley…

      That post is from so long ago I just don’t remember the source, but I agree it is an awesome image.

      Check out the images in these posts: https://jlcollinsnh.com/category/qa-posts/

      These are done by my pal Alex in Guatemala. If you like, I’ll put you in touch with him.

      Glad you are enjoying the book! If you want to do me a solid, give it a 5-star review on Amazon. 🙂

      Reply

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      • Rent v. owning: A couple of case studies in Ecuador
      • So, what does a month in Ecuador cost anyway?
    • ► October (4)
      • See you in December....
      • Meet me in Ecuador?
      • The Podcast: You can hear me now.
      • Stocks -- Part XII: Bonds
    • ► September (6)
      • Stocks -- Part XI: International Funds
      • The Smoother Path to Wealth
      • Case Study #I: Putting the Simple Path to Wealth into Action
      • Tales of Bolivia: Calle de las Brujas
      • Stocks -- Part X: What if Vanguard gets Nuked?
      • Travels in South America: It was the best of times....
    • ► August (1)
      • Home again
    • ► June (4)
      • Yellow Fever, closing up shop for the summer and heading to Peru y Bolivia
      • I could not have said it better myself...
      • Stocks -- Part IX: Why I don't like investment advisors
      • Happy Birthday, jlcollinsnh; and thanks for the gift Mr. MM!
    • ► May (6)
      • Stocks -- Part VIII: The 401K, 403b, TSP, IRA & Roth Buckets
      • Mr. Money Mustache
      • The College Conundrum
      • Stocks -- Part VII: Can everyone really retire a millionaire?
      • Stocks -- Part VI: Portfolio ideas to build and keep your wealth
      • Stocks -- Part V: Keeping it simple, considerations and tools
    • ► April (6)
      • Stocks -- Part IV: The Big Ugly Event, Deflation and a bit on Inflation
      • Stocks -- Part III: Most people lose money in the market.
      • Stocks -- Part II: The Market Always Goes Up
      • Stocks -- Part 1: There's a major market crash coming!!!! and Dr. Lo can't save you.
      • You can eat my Vindaloo, mega lottery, Blondie, Noa, Israel Kamakawiwo 'Ole, art, film and a ride on the Space Shuttle
      • Where in the world are you?
    • ► March (7)
      • How I lost money in real estate before it was fashionable, Part V: Sold! and the taxman cometh.
      • How I lost money in real estate before it was fashionable, Part IV: I become a Landlord.
      • How I lost money in real estate before it was fashionable, Part III: The Battle is Joined.
      • How I lost money in real estate before it was fashionable, Part II: The Limits of the Law.
      • How I lost money in real estate before it was fashionable, Part I: Impossibly Naive.
      • You, too, can be conned
      • Armageddon and the value of practical skills
    • ► February (6)
      • Rent v. Owning Your Home, opportunity cost and running some numbers
      • The Casanova Kid, a Shit Knife, a Good Book, Having No Regrets, Dark Matter and a bit of Magic
      • What Poker, Basketball and Mike Whitaker taught me about Luck
      • How to Give like a Billionaire
      • Go ahead, make my day
      • Muk Finds Success in Tahiti
    • ► January (5)
      • Travels with "Esperando un Camino"
      • Beanie Babies, Naked Barbie, American Pickers and Old Coots
      • Selling the House and Adventures in Staging
      • The bashing of Index Funds, Jack Bogle and a Jedi dog trick
      • Magic Beans
  • ► 2011 (22)
    • ► December (1)
      • Dividend Growth Investing
    • ► November (2)
      • The Mummy's head, Particle Physics and "Knocking on Heaven's Door"
      • "It's Better in the Wind" or why I ride a motorcycle
    • ► October (1)
      • Lazy Days and School Days
    • ► July (2)
      • The road to Zanzibar sometimes goes thru Ecuador...
      • Johnny wins the lotto and heads to Paris
    • ► June (16)
      • Chainsaws, Elm Trees and paying for College
      • Stuff I’ve failed at: the early years
      • Snatching Victory from the Jaws of Defeat
      • The. Worst. Used. Car. Ever.
      • Top Ten reasons your future is so bright it hurts my eyes to look at it
      • The Most Dangerous Words Your Customer Can Say
      • How not to drown in The Sea of Assholes
      • What we own and why we own it
      • The Ten Sales Commandments
      • My ever so formal and oh so dry CV
      • How I failed my daughter and a simple path to wealth
      • The Myth of Motivation
      • Why you need F-you money
      • My short attention span
      • Why I can’t pick winning stocks, and you can’t either
      • The Monk and the Minister

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