Buck Joffrey – This Doctor Lost in His First Real Estate Deal Even Though the Math Looked Good

Buck Joffrey is a physician turned entrepreneur and professional investor. He is also the host of The Wealth Formula® Podcast and author of an international best-selling book, 7 Secrets of Eternal Wealth, which focuses on financial education for high paid professionals.   “At the end of the day, I just came into a realization that I really made a big mistake. I can sit here, chase it, spend money to save it, or I can give it up, cut my losses, sell it to somebody, learn to take the loss and move on. And so I did the latter.” Buck Joffrey   My Worst Investment Ever Story Surgeon turned real asset investor Buck finished surgical training in 2008. Having his own practice and doing a few other things, he started to have a little money to invest. He got interested in real estate primarily because of his family’s influence but mostly because of Robert Kiyosaki, the author of the best-selling book, Rich Dad, Poor Dad. “It’s just math, and I’m good with math” Buck got addicted to the idea of cash flows and multifamily real estate, and he went on and read two of Ken McElroy’s books, The ABC of Real Estate Investing and The Advanced Guide to Real Estate Investing. Armed with advice from all the books he read, he concluded that it's all just math, and he knew he’s good at it. With no help from anyone, he started looking for properties. The deal that spiraled out of control For his first venture into the real estate world, Buck thought that it was a good idea to go to an online site to look for properties. He eventually found a deal, did the math, and saw a great opportunity–or so he thought it was. He went down to the place where the property was, ticked all the boxes, and bought the building. Just as quickly as he had made the deal, he started realizing that nothing on his spreadsheet seemed to be working. All of a sudden, everybody stopped paying their rent, and a bunch of people was creating more problems than he could handle. Buying something that you think you know and realizing that it was not after It turned out that Buck’s first deal was a fraud. The previous owner, to be able to convince people to buy his properties, would let people live there for free for a while. This was just to put on a show that the building was performing well and that buyers could expect to receive rent from the fake tenants. And so, the whole thing was a mess. Buck, with no one to turn to and with little to no experience in...