Rateb: Okay. And it took you about one year to do that?
Steve: It didn’t take that long to actually do the rehab and the other stuff. But the waiting time…
Rateb: The waiting time.
Steve: … for them to close. They were supposed to close before then.
Rateb: Okay.
Rateb: Tell me about your worst deal. What do you do and how much do you lose on your work deal?
Steve: I really didn’t lose that much. But I learned a lot. And it was about 30 years ago, okay?
Rateb: Okay.
Steve: I’m an expert on location, location for commercial. But I’ve decided to – through my relationship, I started a parking lot at the airport with the (Exon) company where I was – a gas station at Virginia Avenue where I was taking his cars he could never (00:00:35 inaudible). And I moved them back to a lot where I was doing car wash and details in there. And I got to be [Read More…]
Rateb: So what was the lesson you learned from that deal?
Steve: Well, basically two things. Do your due diligence better than what I did. Just because you think you got a deal you may not have one. There are certain things like owners, titles if you don’t get it, which taught me a lesson.
I had another house I bought a long time ago, maybe 15 years ago that I got the owner’s title on because of this transaction. And there was a – I think the pipeline running underneath the house are right beside it. It was eight feet for a water line from the cab water department…
Rateb: You have tons of experience with real estate. What would be your advice to a new investor or to any investor, what would be your best – golden nugget that you can give away?
Steve: That’s a good question. The one thing I would say is that everybody is getting educated into what you’re doing. And each education is basically the same to a certain degree. But each thing that you learn, you need to pick out the best thing out of them if you do several courses which a lot of people do.
But you need to find the niche which is the hardest thing to do. What am I going to do? Buy, wholesale, rehab and wholesale and how do I find the leads and how do I sell the thing?
Rateb: Steve if you can tell me about your best deals you have done. Describe them a little bit.
Steve: Well, my best deal is probably a house that I bought down in the Grand Park area. And it’s a house that I really didn’t ever want to buy. I used to advertise that I buy houses. And I get a lot of phone calls. And one day a lady called me and said she had a house for sale and gave me the address. I told her that I’ll go look at it and I did.
ABOUT ROCK SHUKOOR
Rock Shukoor has worked as an investor, consultant, mentor and coach in the fields of real estate and Marketing for more than 10 years. He frequently speaks at investment conferences and has been interviewed/consulted by other real estate investors and promoters.
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