enelram
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I can give HF a pass on not knowing the demographics of the Farmington area, but forI think FD thought that all of those insurance executives who work in Hartford would be buying his overpriced houses; there actually is (or was) money up in Avon and Farmington-although nothing like the money in New Canaan (JD was right after all). He way overestimated the market for and the appeal of his houses. I think maybe he could have sold one or maybe two at the very most, in that price range. Could be he was just delusional about how it was going to work, but then why would HF foot the bill for his delusions? This, I don’t understand...HF had to have had more on the ball than that. There is something off here, as you said.
FD going into the market there this is basic
Homebuilding 101- know your market.
FD didn't do his homework. He had little to risk using his FIL's money and he jumped in feet first. After he sold a few homes he decided
like many greedy new people in the business
that he could make so much more profit by
going bigger and more expensive. But it doesn't work that way.
Also surprising that some good RE agent didn't educate him. Or maybe he just wouldn't listen.
Plus he perpetuated his mistakes for too long and failed to correct his business plan.
Again, common mistakes when new in the business. But his mistakes came with huge
$$ mistakes. He was really out of his league
in so many ways.
It's like we see in other businesses or even in personal lives, when a person is playing with other people's money, they may not be as cautious and careful as they would be if it were
their own hard earned money.
We see this often in people who inherit a large
sum of money, and those who win the lottery, and also celebrity athletes, they blow it indiscriminately. They're new to the world of large sums of money.
Whereas the person who worked hard day in and day out for that money slowly does his
due diligence so as not to lose what he worked so hard to accumulate.
I'm sure those around the Farmington area who worked with FD or did work for him, quickly figured out he didn't really work for his money. It's usually pretty
obvious the way they spend.
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