Avoid This Mistake In Real Estate

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Summary – Transcript

Hey, Mike Wolf from Mike Wolf Mastery. Today I want to talk to you about the importance of doing your due diligence. A perfect example of this, by the way, I’m in Greece, and this is a canal that was originally proposed in the year 1AD. It was finally completed in the late 1800s. Many people unsuccessfully tried to build this but due to economics and due to problems with landslides, of course, the technology in the day many people unsuccessfully tried to build this.

Matter of fact, the people who actually made the most progress never actually finished it. Another company had to come in and finish it because they ran out of money. The ironic thing is after all of that, after all these attempts to build this canal, which seemed like a no-brainer because it saves ships from having to go all the way around to get to Africa, it was a shortcut and they, of course, were going to charge the toll, it seemed like a no-brainer. After all those attempts, the people who actually finally did it after it was done, a lot of ships didn’t want to go through here. It’s very narrow because of the limestone and because of how it’s designed, how high it is, it attracts wind. A lot of issues is often shut down due to landslides, as I mentioned. A lot of ships did not want to come through here even though it’ll save them a lot of time.

The time to do your due diligence is before you start, whether it be on a real estate transaction, whether it be on an entrepreneurial venture, you’ve got to do your homework and do your studies to make sure that what you’re building is going to work. This is a perfect example of a project gone very, very wrong. It makes a great place to visit. Great historical site, but there’s not a lot of boats that go through here. It’s very, very rare. Even back when the day when boats were a lot smaller and they could have gone through here more easily, it wasn’t really used for that. It’s very important, do your homework before you put your money out there. Before you take action, do your studies. Your due diligence is due.

Once again I’m Mike Wolf. I hope you enjoyed this video, please subscribe to my YouTube channel and get all my videos. Like it. Share it with your friends, and I hope to see you all soon. Take care.