Losses and more losses
We are currently in the hole for roughly 3500 for this past year on our 2 properties. This comes from a combination of vacancy, unscrupulous renters, continued and unexpected community work expenses and now taxes on profit we did not make. After initially investing roughly 28000 to get the flats we are taking quite a financial beating.
It has been quite frustrating and many times we feel like quitting and selling and undoubtedly taking a huge loss on the investment. But I don’t see selling as a solution. We have to ask ourselves: Are we winners or are we losers? Are we going to quit or are we going to persevere and figure out how to turn around the investment?
It really seems like a terrible hassle and all just to lose lots of money. There is definitely a frustrated quitter inside both of us screaming to get his way. But we did this to learn and we are learning the hard way. We are not going to quit.
Making money with my Websites was not easy. Many times I was frustrated but I kept going and now they support me completely. Making money in anything is tough. It’s very tough. You have to take a lot of hard knocks before you can see the light at the end of tunnel. Most people don’t get there because they give up too soon.
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2 people have left comments
François said on June 23, 2009, 2:57 am:
I know the feeling ! Although I’ve done it the other way round: real estate investment first - successful; web site second - just starting. And I’ve no doubts this will be tough ! What web sites are your running ? I would be very interested to know a bit more on those, and how / what you learned.
François.
Fred said on June 24, 2009, 4:03 am:
François - What was the investment you made? How did it work out, can you tell us a little about it?
For the Websites, are there any more specific questions you might have? Currently my most profitable site is spainexchange.com.
In general for the Web I would just say - treat a Website like any normal business. Be consistent and focused over a long period of time.
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