By Rick Valentine, president of Latitude Destination Properties
As an entrepreneur, I manage a real estate development company. In 2006, I entered a joint venture partnership on a Costa Rican real estate project called “Tranquilo.” Because the project location was the most beautiful piece of land I had ever seen, I quickly became emotionally and financially attracted to the project and its success.
Throughout the partnership, I took on all the responsibilities of sales and marketing, in addition to the rebranding and repositioning of the resort. Unfortunately, my development partner could not fulfill his obligations and was unsuccessful in obtaining the required building permits on schedule. As a result, we had to return all deposits received and cancel all contracts. I had spent more than US$700,000 and lost all of it! (more…)