He was riding high until he lost it all. Here is his journey back.
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I thought it was the worst day of my life. I was a successful entrepreneur and then it all came crashing down.
I had banks suing me for lots of money
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I was a landlord with millions of dollars of mortgage debt in the early to mid-2000s. Things were beautiful. Money was flowing, I was flying high, and business was booming.
Then, in 2008, the mortgage/housing crisis brought all of that to a screeching halt. Actually, it took a little bit of time for my ship to sink. I used most of my ‘rainy day’ money to keep the ship afloat because my pride wouldn’t let me fail. I would NEVER be able to face anyone and tell them that my big successful business failed. My ego would never be able to handle that kind of blow. I was the guy who everyone went to for business and real estate advice.
As time progressed, and my funds were depleted, I was backed into a corner. I had banks suing me for lots of money, and I had no choice but to file bankruptcy.
That was one of the hardest decisions I’ve had to make, but it was one that was necessary. I had to swallow the fact that things didn’t go as planned and I simply ran into a brick wall with no way around it. Bankruptcy was the only option to keep me out of the chains of all of the judgments that these banks had on me.
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The problem was that I would have to admit that I failed. I thought that there was no way I would ever be able to say that. In fact, five years earlier, if you would’ve said that I would be filing bankruptcy over the next few years, I probably would’ve laughed at you and called you ‘jealous’ or something. Boy, I was an immature punk at times. At this point, I made the call to an attorney to discuss moving forward in my bankruptcy.
I was so worried about all of the uncertainty to come. My life revolved around me creating certainty with systems and strategies that I’ve used up until that point. I was ALWAYS certain about what I was doing, and that is how I was able to grow so quickly at a young age. My constant uncertainty during those times would keep running a series of questions through my head like:
- How long would my credit be destroyed for?
- When would I be able to get another bank loan or mortgage? (borrowing money to buy houses was how I made my living up until that point…scary!)
- Would everyone know I filed bankruptcy and be able to see it on my record?
- What would I say when people asked me how business was going?
So, my wife and I went in to meet with the attorney, and everything was explained. We decided to file and move forward. I went home and felt depressed.
Thoughts kept running through my head about how I was just on top, and this all came down so fast. My entrepreneurial success was so intertwined with who I was as a person, so this blow hit me hard.cI was broke financially, spiritually, mentally, and emotionally as well. I was a jerk and wasn’t a good guy to be around.
It drastically affected my family life and my marriage. I just couldn’t wrap my mind around what happened, and I took it out on everyone who crossed my path. It wasn’t fair, and I know that now, but back then, I didn’t know how to respond to it.
After a couple months of being miserable and running unproductive thoughts through my head, I decided that this was no way to live. I was so used to being financially independent, and I knew I couldn’t accept everything else for myself or my family.
See, I knew all of the things you are ‘supposed to do’ in the midst of adversity, but when you’re in a storm that big, it’s much easier said than done. I’ve been reading books and listening to Tony Robbins since I was a teenager, so I knew what I had to do. It just took a while for this to click because I have never been through anything like this before.
I was desperate and started to take extreme action. I exhausted my contact list. I knew this stuff, and I just let me temporary limiting beliefs hold me back. I immediately lined up a real estate deal where I flipped a house. Then, I used the money to get another deal lined up to flip. I did that deal, and I rolled most of the profits back into the business and now the rest is history. I came back to financial independence after bankruptcy as the real estate entrepreneur that I already was.
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Wealth is a mindset, and I’m living proof of this. It’s not about how many resources you have; it’s about becoming resourceful. If you are reading this article, you already have everything you need to become successful, regardless of your financial position.
Limiting beliefs are usually what prevents success.
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In fact, I’m so passionate about helping other people from all walks of life become financially independent, I started Alphahomeflipping.com and Academy.alphahomeflipping.com. These are resources I wish I had when I started. They allow anyone with a dream to become a successful real estate entrepreneur from scratch the same way I did.
I don’t care what your past is; I care about what you see for your future. Limiting beliefs are usually what prevents success. They are only thoughts in your mind and aren’t even real. Crush them now!
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Photo: Flickr/ Nick Kenrick
“The problem was that I would have to admit that I failed” – I can relate to this….