I once lost $60,000 on a single land deal because I forgot to ask one simple question about the dirt beneath my feet.I bought a lot in Williamson County, Tennessee — a wealthy county, a $350,000 projected exit.
Slam dunk on paper. But the soil was straight rock. It failed the conventional septic test and required a massively expensive engineered system.
My $350,000 exit dropped to $300K, then $250K, then $200K. Ten months later I was facing a lose-money scenario. I had to offer aggressive owner financing, sell the note at a $50,000 haircut, and make my investors whole out of my own pocket.
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