Moving Up in an Economic Downturn
Contributed by Rick Valentine, the 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. 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 $700,000, and lost all of it!