Charles Cormier shares mistakes from early real estate investing: over-leveraging, renovating properties to refinance and buy more, and ending up with negative cash flow. He discusses surviving the 2008 crash and COVID-19, and the loneliness entrepreneurs face bouncing back from setbacks.
Chapters
What do you do when shit hits the fan? You know, give us some poignant story of yours and how. How did you get back on your feet? Yeah, mate, look, I guess the mistakes that I've made, and I can't even remember how many, but there were so many. But some of the big ones were when I first started my real estate investment journey. And a lot of folks that are listening that might be real estate investors themselves and that have gone through maybe a few economic crisis, like 2008, the global financial crisis in 2020 with COVID we're getting into a ton of leverage, renovating these properties, refinancing out of them to use that equity to go and buy another property. The problem with that was, Charles, is I was bleeding more on my monthly expenses than I was getting from income. So it was just a recipe for disaster. It was a very slow bleed, the big one. You know, I've had a few interviews, and they asked me, if you could turn back time, what would you do differently? And I joke around. I will never do it again. Because the entrepreneurial path and the path of a business owner is it's. It's a lonely road to the top. You're always. You're always chasing tail. You know, you get disappointed by a lot of people. No matter how hard you work, always hits the fan. You got to fix problems.
