Ryan Paliukaitis has had a ton of success in the real estate industry, but admits he’s had some big, big failures too. This episode highlights how real estate flipping can go incredibly wrong, but more importantly how you can avoid these pitfalls. Ryan opens up and talks about his lawsuit, going against the planning board due to zoning restrictions, and more. It’s important to learn from the mistakes of others, so be sure to stick around until the end to find out what were some of Ryan’s biggest takeaways after recovering from his mistakes.
Key Takeaways:
- How did Ryan and Alex first meet?
- Don’t be afraid to reach out and connect with others in your market!
- What kind of challenges/mistakes has Ryan faced?
- It took a whole year before Ryan was able to land his first deal.
- Don’t let Ryan’s mistakes paralyze you from taking action. Learn from him.
- Ryan shares his second biggest mistake!
- Despite an attorney’s recommendation to not go through this particular deal, Ryan and his partner moved forward anyway.
- To fast forward a little bit, the deal begins to turn sour and Ryan needs to lawyer up.
- The lawsuit itself lasted over a year, but Ryan was being squeezed from every angle.
- Although Ryan had a lawsuit going on, he knew he still had to keep moving forward and think positive.
- Ryan shares his third biggest mistake! Let’s talk about how to handle contractors.
- You never want to go in front of a planning board. Ryan had to do it twice.
- Don’t let Ryan’s mistakes freak you out. When you have challenges, you have to fight through it.
- Let’s boil it down, what were some of the biggest lessons Ryan has learned?
- Make sure you’re using the right paperwork.
- Don’t pay your contractors upfront.
- Never stop learning.
- It was a very tough time for Ryan, but he’s become a better wholesaler because of it.
- These mistakes can happen to anyone, which is why it’s so important to have good mentors and advisers on your team.
Mentioned in This Episode:
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Tweetables:
“You have to strike a balance between ‘ready, aim, fire’ and doing the due diligence.“
“Keep in mind you always want your buyers to have skin in the game.“
“We don’t want to freak people out, but this is the reality. It’s not all smiles.“
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