Nick's first deal was a $50,000 Dorchester lot bought with no attorney, no due diligence, and a 13% hard money loan. Plus a deed restriction that took three years to kill. He walks Marc, Ray, and Dan through the code interpretation that turned $140,000 of steel into a $300,000 line item, why two "at cost" GC partnerships ended up in court, and how he found 40 to 50 percent margins hiding in site work and foundations.

Eleven weeks into a new demo and disposal company, a text from the business partner laid it out plainly: $70,700 in revenue, about $6,000 a week, against a burn rate that requires $20,000 just to hold even. In this first Real Estate Addicts Business Lab, the hot seat opens the books on Circa Demo. The transfer station lines eating billable hours, the overtime nobody planned for, and the $15 hourly margin left after payroll taxes and an $80,000 truck. Listen in as Ricky Beliveau is back as we pull back the curtain on Marc's latest venture.

When a two-and-a-half-acre Weston lot landed in Ricky's inbox at a price he could hardly believe, his first thought wasn't excitement, it was "why am I getting screwed here?" In his fourth appearance he walks through the two-week due diligence sprint that followed, from the zoning attorney and the wetland flags to the 1943 setback rules that determine whether the whole thing pencils, plus what's quietly killing Boston projects and the helical pile surprise that cut one deal's IRR from 70% to 40%.