Why Folks Are Walking From Big Deposits at Olive 8
I know A LOT of people who had bought into Olive 8. The vast majority of which were real estate agents. I only knew two non-agents looking to buy. One of those, Andy Liu (CEO of Buddy TV and backer of sites like i can haz cheezeburger and Fail Blog), I knew to be really excited about Olive 8 as his new home; he wasn’t looking to do a quick flip or rent out the unit.
Today, Andy, a thoughtful blogger on startup matters, has posted a very honest look at his Olive 8 purchase, My $23,750 Mistake at Olive 8:
In retrospect, it turns out the $23,750 was a call option to buy at Olive 8 that just didnâ€™t work out. It bothers me with 20/20 hindsight, but Iâ€™ve learned a ton from the process and believe I wonâ€™t make a bigger mistake in the future because of it. Cutting your losses today can be counted as a win in the long run.
It’s well worth the read.
For another perspective on walking away from a large deposit at Olive8 check out this earlier comment on a post of mine which also has a long list of reasons for not closing.