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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] It's a free country. Choose to believe what you like. Posted by JK (the other JK) on November 20, 2009 at 5:18 PM In Reply to: Re: Not mine (I've NEVER lost on a deal :))... but posted by Kristine-CA on November 20, 2009 at 8:58 AM : The story has great drama and a great photo. But why a 100% loss? Who bought a 1M property (any property for that matter) and didn't insure? If it was to be a double/simo close, the buyer only loses their deposit. : Something isn't right with this story. : : : : I've been lurking for awhile now and have found this forum to be invaluable. Thank you Ward! I plan on taking your training BEFORE I start in the game. : : : I thought it might be an interesting exercise to have those that wish, post about their WORST deal. I tend to learn best from my mistakes...any one else? So how about it...? : : : What was your worst deal? Why? : : : What did you learn? What did you do differently after that? : : A certain former janitor trained by Ward bought an $1M+ property on a hill CASH. Two weeks before escrow close on the flip L.A. experienced some serious rain. The mayor came on TV and announced the good news that L.A. only lost one property. Did I mention no insurance exists for soil erosion? Here's the photo of the aftermath: : : http://www.flickr.com/photos/troubleshots/213371933/sizes/o/in/set-72157594234241565/ : : The city came and red tagged the lot. 100% loss. : : Believe it or not, a lot of the big boys flip in such volume they don't "waste time" with insurance. This same investor has lost homes to fires as well. I should mention that it was purchased at foreclosure sale (cash) and vacant. I personally visited the property and heard the story directly from the horses mouth. Call your insurance agent, ask about vacant homes on hills in areas like Malibu, mention the words soil erosion and prove me wrong. I'd love to be proven wrong on this one, as I'm now scared as hell of anything on a hill (won't go near a house on a hill or fire area with a 10' pole). Follow Ups: Volume players Kristine-CA 8:13 AM, 11/21/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : The story has great drama and a great photo. But why a 100% loss? Who bought a 1M property (any property for that matter) and didn't insure? If it was to be a double/simo close, the buyer only loses their deposit. : : Something isn't right with this story. : : : : : : I've been lurking for awhile now and have found this forum to be invaluable. Thank you Ward! I plan on taking your training BEFORE I start in the game. : : : : I thought it might be an interesting exercise to have those that wish, post about their WORST deal. I tend to learn best from my mistakes...any one else? So how about it...? : : : : What was your worst deal? Why? : : : : What did you learn? What did you do differently after that? : : : A certain former janitor trained by Ward bought an $1M+ property on a hill CASH. Two weeks before escrow close on the flip L.A. experienced some serious rain. The mayor came on TV and announced the good news that L.A. only lost one property. Did I mention no insurance exists for soil erosion? Here's the photo of the aftermath: : : : http://www.flickr.com/photos/troubleshots/213371933/sizes/o/in/set-72157594234241565/ : : : The city came and red tagged the lot. 100% loss. : : : : Believe it or not, a lot of the big boys flip in such volume they don't "waste time" with insurance. This same investor has lost homes to fires as well. I should mention that it was purchased at foreclosure sale (cash) and vacant. I personally visited the property and heard the story directly from the horses mouth. Call your insurance agent, ask about vacant homes on hills in areas like Malibu, mention the words soil erosion and prove me wrong. I'd love to be proven wrong on this one, as I'm now scared as hell of anything on a hill (won't go near a house on a hill or fire area with a 10' pole). [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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