Mark Fidelman – Seek Advice to Avoid Real Estate Mistakes

BIO: Mark was a columnist for Forbes for four years and is the author of the book SOCIALIZED! STORY: Mark started investing in real estate on the west coast of Florida when the market was up, but he didn’t heed to signs of a downturn and ended up making huge losses in 2008 when the financial crisis hit. LEARNING: Know your market and remember that the market doesn’t always go up. Make sure you apply the experience you acquire.   “Group knowledge is power.”Mark Fidelman  Guest profilehttps://www.linkedin.com/in/fidelman/ (Mark Fidelman) has been named a 2017 Top 20 influencer of CMOs by Forbes Magazine, a Top 25 Social Media Keynote Speaker by Inc Magazine, and a Huffington Post Top 50 Most Social CEO. Mark was a columnist for Forbes for four years and is the author of the book https://amzn.to/3tdQKw3 (SOCIALIZED!) He also hosts a popular marketing https://www.youtube.com/fanaticsmedia (YouTube channel). Worst investment everIn 2005, US real estate was booming. A couple of states, California in particular, were increasing in value tremendously. So Mark decided that because California was too expensive, he’d try the west coast of Florida, in Naples, Tampa, or St. Petersburg. He started investing there, and his investments were doing well. The stroke of luck made Mark cocky, and he started thinking he was the greatest investor ever because no matter what he touched, it turned around, and he made a ton of money. And so, even with warning signs in 2007 that the market was going to change, Mark continued to plow ahead, thinking he’d figure out a way out of it. The market overturned in 2008, and Mark’s project turned into a loss. Lessons learnedKnow your market. Make sure your spouse or your business partners are on board with your investment idea. If you’re going into investments in real estate, join a real estate mastermind group. Andrew’s takeawaysRemember that the market doesn’t always go up. Experience is valuable, so as you gather that it, make sure you’re applying it. You don’t get reward