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Welcome back to the Straight Up Chicago Investor Podcast, where seasoned investors share their triumphs and tribulations in the dynamic world of real estate. In this episode, we delve into the riveting journey of Alex Fenske, a real estate enthusiast who learned valuable lessons the hard way. Join us as Alex candidly discusses his foray into real estate investing, the pitfalls he encountered, and the valuable insights he gained along the way.
The Allure of "Guru" Advice
Alex kicks off the episode by sharing his initial enthusiasm for real estate investing, fueled by the allure of "guru" advice. Like many aspiring investors, he fell prey to the promises of quick riches and easy success. Little did he know that blindly following such advice would lead him down a tumultuous path.
Compounding Mistakes: Lack of Focus and Education
Alex takes us through the compounding mistakes he made as a novice investor. Lack of focus and proper education emerged as key culprits, causing Alex to make decisions without a solid foundation. This segment serves as a cautionary tale for those tempted to bypass the essential groundwork needed for success in real estate.
Navigating the Challenges with an Inexperienced Team
One of the pivotal points in Alex's journey was working with an inexperienced team. He shares the challenges and setbacks that arose, emphasizing the importance of assembling a knowledgeable and reliable team in real estate investing. The repercussions of this choice had lasting effects on his projects and relationships.
Raising and Losing Private Capital: A Rollercoaster of Emotions
As Alex delves deeper into his narrative, he opens up about the highs and lows of raising and subsequently losing private capital. The emotional toll, intense stress, and difficult conversations that followed serve as a stark reminder of the risks inherent in the real estate investment landscape.
Severed Relationships: The Unfortunate Consequence
The impact of financial setbacks on personal relationships is a poignant aspect of Alex's story. He reflects on how the stress and challenges strained ties with friends and family, underscoring the need for investors to be mindful of the potential ripple effects on their personal lives.
Lessons Learned and Advice for Aspiring Investors
Amidst the trials, Alex finds a silver lining. He generously shares the invaluable lessons he learned from his experiences. From the importance of education and focus to the necessity of a reliable team, his insights provide a roadmap for aspiring investors to navigate the complexities of real estate.
Rebounding and Building a Robust Portfolio
The episode concludes on a positive note, as Alex shares how he rebounded from adversity and built a robust investment portfolio. His resilience and commitment to learning serve as an inspiration for others facing challenges in the real estate market.
The Importance of Education and Team Building
In the final segment, Alex emphasizes the critical role of education and team building in minimizing risk in real estate investing. His story serves as a powerful testament to the transformative impact of continuous learning and surrounding oneself with a capable team.
Alex's journey on the Straight Up Chicago Investor Podcast is a compelling narrative of resilience, growth, and the transformative power of learning from mistakes. Aspiring real estate investors will find his story both cautionary and inspiring, offering valuable insights to help navigate the often unpredictable terrain of real estate investing. Tune in to this episode for an authentic account of the highs, lows, and ultimate triumph of an investor who turned adversity into opportunity.
Watch Straight Up Chicago Investor Podcast Episode 248 in Full Here
Questions We Answer In this Show:
Q. Conquering Massive Failure with Unbreakable Determination in Real Estate
A. Video
Q. Escaping Common Pitfalls of Property Ownership in Real Estate Investing
A. Video
Q. The Best Time to Buy Property is Now
A. Video
Show Notes:
02:52 Housing Provider Tip: Be cautious of potential damage caused by hydro-jetting sewer lines?
05:00 Intro to our guest, Alex Fenske!
08:02 Alex’s real estate journey since starting in 2000.
20:25 Early acquisitions pre-crash!
26:55 Mindset to continue after early failures.
33:25 Rebounding from failures and getting licensed!
42:34 Alex’s current investment areas of focus.
51:40 5-Year outlook on the south suburbs.
53:08 What is Alex’s competitive advantage?
54:10 One piece of advice for new investors.
56:12 What do you do for fun?
56:42 Good book, podcast, or self development activity that you would recommend?
57:14 Local Network Recommendation?
58:34 How can the listeners learn more about you and provide value to you?
Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guest Name: Alex Fenske
Guest Company: KW Chicago Southland Homes
Guest Link: KW Chicago Southland Homes
Other Links for show notes:
Atomic Habits (Book Recommendation)
Show Sponsors:
Looking for a property manager?
Chicago Investor Resources Shared
What You Must Know About Renting Your Property In Schaumburg
Survival Guide For Self Managers - 15 Tips Chicago Landlords Must Know(Especially House Hackers)
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