The Day My Real Estate Portfolio Took a Hit I Couldn’t Recover From

In the world of real estate investment, you’re only as good as your last deal. I learned that the hard way.

I had spent years building a name in the Lagos property market — flipping fixer-uppers, closing off-market deals, and scaling my passive income through rental properties. I understood market trends, property valuation, interest rates, and how to negotiate my way into equity.

Then came the opportunity of a lifetime — a waterfront duplex in Lekki Phase 1.

Distressed seller. Below market value. Prime location. The keywords screamed profit: rental income potential, capital appreciation, ROI, and short-let goldmine.

I acted fast, submitted an offer within 24 hours, and lined up financing with my mortgage broker. Due diligence checked out. The seller was ready to sign.

Then I got that call.

“Another buyer has come in — full cash. No conditions. Wants to close in five days.”

I panicked. A rival investor offering instant liquidity? I couldn’t match that speed without compromising my portfolio’s liquidity. I tried to sweeten my offer, but it wasn’t enough. The seller ghosted me.

I swallowed the L. In real estate, you win some, you lose some.

Or so I thought.

Weeks later, I heard whispers at a real estate developer mixer in Victoria Island. Someone mentioned a notorious fake buyer — an agent posing as a cash investor to sabotage deals. Red flags went up. I investigated.

The cash buyer? Fake.

The funds? Nonexistent.

The buyer agent? Disbarred just a year ago in another state.

Enraged, I contacted the seller directly. The deal had obviously fallen through.

That was my moment to reclaim the deal.

But what I didn’t know was that during the delay, a new investor had stepped in. Quiet. Verified. Legit. And they’d already closed the deal — at an even lower price than I initially offered.

And here’s the plot twist:

The new buyer? My former mentee.

Someone I coached in my early days. I taught him about due diligence, off-market listings, financing hacks. And he used everything I taught him… to beat me.

I tried to save face, but the story spread like wildfire in local real estate WhatsApp groups.

“Investor guru outplayed by his own student.”

My credibility took a hit. Agents stopped calling me first. Lenders tightened their terms. New clients asked too many questions.

The duplex? Renovated, rebranded, and listed for short-let. Fully booked now. I see it every time I check Airbnb.

And me? I’m still rebuilding. Still investing. But with a scar that reminds me:

In real estate, the biggest losses don’t always show up on your bank statement. Sometimes, it’s your ego that goes into foreclosure.