How I Lost $6,000,000 in Real Estate

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Want to avoid losing six million dollars in real estate? I made this video so you can learn from my real estate investing mistakes!

In just 4 years, I had taken ten thousand dollars of my own money and turned it into over six MILLION dollars in real estate, and I was on track to retire by the time I was 31.

Then the real estate market crashed, and everything changed.

My credit was ruined, and I lost my home to foreclosure. I wasn’t able to pay my bills, and eventually, even my electricity got turned off. Ultimately, I was forced to declare bankruptcy.

In this video, I’ll walk you through the top 3 mistakes I made, and what I’d do differently if I knew then what I know now.

MISTAKE #1 NOT ENOUGH CASH RESERVES

There are many things that can go wrong that are out of your control when it comes to real estate investing, and having a big cash cushion can help you weather those storms.

MISTAKE #2 OVER-LEVERAGING

One of the things that makes real estate investing so profitable is being able to use leverage. But too much leverage can work against you, too.

I borrowed more money than I could afford to make the payments on when things didn’t turn out the way I thought.

If I knew then what I knew now, I’d make sure that I had multiple exit strategies, meaning that if I couldn’t sell it like I planned, I could afford to rent it out or lease option it out and hold on until the market recovered.

MISTAKE #3 NOT HAVING A CASHFLOW PLAN

A Cashflow Plan is another term for “Budget.” If you ever find yourself in the situation I was in, it’s more important than ever to have a plan!

When you’re in a financial crisis, you’re not thinking clearly.

If I knew then what I know now, I would have made a prioritized list of what I’d do with the income I did have as it came in, starting with:

Food
Basic Utilities
Shelter
Basic Transportation

Once you have your basic living expenses covered, you can live to fight another day!

Then if enough income comes in for one more thing, what will it be? Then one more thing, what will that be?

While losing $6,000,000 in real estate was a painful and challenging experience, I’ve grown a lot as a result, both as an investor and a person.

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