How an Experienced Real Estate Professional Lost a Million Dollars on a Small Apartment Project

The author is a late middle-aged real estate professional. He has 30+ years of experience in various aspects of real estate, mostly commercial real estate. He is a Certified Property Manager, a designation bestowed by the Institute of Real Estate Management after accumulating countless hours of education and practical experience. At one point, the author held real estate broker licenses in 6 states. Also, he is a Certified Public Accountant. He is not stupid, despite having done something very stupid.

The author has been president of a residential property management company that owned and/or operated over 10,000 units. Rental revenue exceeded $80 million. We had 450 employees. He lead the business development team that acquired over $370 million of properties. He knows what he is doing; but he still lost a million dollars on a small apartment project that he bought for my own investment. Maybe he can help you to avoid some very obvious mistakes, in hindsight.