A real estate investor with $4 million in debt describes how they spent their last $50,000 before bankruptcy. Instead of buying more assets, they invested $15,000 into a program for themselves, which sparked a recovery and led to new income and bookings.
Questions this video answers
$50,000
$4 million
$15,000
Chapters
And so what do you do when you're about to get paid?
And there's a lot more to that story because I remember you telling me and and like you were down to your last dollar or something. Yeah, tell me about that. Yeah, this is a good one. Yeah.
So I did all the right things.
You just became a sales manager.
Did.
Really well and then you know.
The next three properties I bought I bought high risk mining town properties so I just thought well because I got tax feeding and run really well without.
Cashing them up because I didn't have any purpose. And so I bought three micro properties.
And then within six four months I'm holding to collapse.
As the properties collapsed I want the $4 million debt that couldn't be serviced because they won't be rented and suddenly.
That leverage gets me almost fine. So I'm not.
Stage in bankruptcy. So I was going to take I was getting consultancy practitioners from bankruptcy work seeking all my options and that 50,000 was cash in my bank and when.
You go bankrupt you don't, they don't pay at all. So what do you do when you're.
About to go bankrupt and you got 50,000 cash? Well you can't buy a car because now it sells a car.
You can't buy a cast it's in and I was in my.
Scientists spend the first 5,000 and science spend on 21. Okay, well maybe I just learned about myself.
I don't know. I remember looking around that again and.
What did I sell because a $15,000 program. Well I got to speed myself and.
Then that led me down the road of.
Maybe this is not my desi.
Okay.
I started to find the belief that I could get a freaking hole in.
A piece of pain and then I.
Started getting booked by people who were.
Dafted at last father and got out of it.
And then I realized that bankruptcy was.
Majorly and then I got my attention and invested another 13.
My whole 50,000 invested in myself and the byproduct that I was leaving the opposite way now and that opposite process.
