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Updated over 13 years ago, 05/26/2011
what happens if you get voted off real estate island?
Let say, some disaster hit, or some reasons, you make a bad decisions, or got sued and defeated. You're wiped out and got voted of the real estate island! What would you do? What is your main focus then? What are the two things you will be focus on, assuming you got no cash and no credit?
Originally posted by Tin Lam:
Two things I would focus on if I had no cash and no credit?
I would focus on building cash and credit.
i'd just write a check and pay off my mortgage....doh! that was the answer for your last riddle...ya got me..what's the answer on this one?
Bryan if u don't like my thoughts and ideas that I put out, you don't have to follow me. Be a leader and start a post, instead of a follower.
solid advice tin....i'll work on being a leader...but i just couldnt' lead myself to the answer you wanted, and based on your last thread, that was such a hit, i assumed you already had the answer in mind...
to answer your question, you shoulda first implemented strategies to prevent this...corporations, trusts, LLC's...lots and lots of insurance and umbrellas, etc. keeping LLC's separate, and your personal info separate from your companys....and if that does ever happen to me (god forbid), first thing im' probably doing is getting a job to make sure my family can eat :) good luck buddy
I would pick my self up again and start all over. I have skills that can be sold and the disaster would probably leave many opportunities. I would take the time to discover what the new opportunities were and move forward.
Your only a failure when you choose to quit.
Your scenario would extremely unlikely in my life situation, but if it came to pass, I would find a way.
i'd like to add, that if anyone is planning on pulling a Bernie, they deserve to get wiped out..so please don't tell the judge BryanA told you to hide behind different corporatinos and llc's! :)
fire your accountant, lawyer, insurance agent and then start over.
Extremely easy answer! I am confident that you could drop me in a city where I had no connections, and I could lock up a house in contract and sell my contract for a profit. This is with no cash, credit, or prior relationships. I would like the use of the internet though, it would make life a lot easier to figure values and market my deal!
I suspect the real question is more what would you do if were leveraged in real estate and somehow lost all your tenants or real estate went to zero.
For me, I stay aware of my market. I stay reasonably leveraged and I plan on reasonably possible contingencies.
In a market with many foreclosures, short sales and REOs, there will be renters because people need a place to stay. Some real estate market will require more rentals than others.
The last thing I would want to do at this stage is tie up all of my cash in my real estate. Many here have learned how to invest right.
Originally posted by Tin Lam:
Go on Dancing with the Stars?
sometimes it happens.. especially when your partner was your past significant other...
In the hypothetical presented, I would simply start over in RE. I did it once without money, although I did have credit.
There is no reason why I could not start over and build up again.
I would call it quits and LIVE IN A VAN DOWN BY THE RIVER!
Oh, and I would live off ramon noodles and cheap wine and only listen to The Grateful Dead.
Originally posted by Will Barnard:
I posted this under another thread about business quotes, but it seems very apropos here:
"You can take my factories, burn down my buildings... but give me my people and I'll build those businesses right back up." - Henry Ford
Some have said that with truly driven people, like a Donald Trump or Paul Allen or Warren Buffet, you could take all of their wealth away and in 10 years they will have rebuilt that wealth.
Originally posted by Charles Perkins:
WOW! :mrgreen: that is excellent advice. Who can top that?
If I could no longer participate in real estate I would start a company in strategy consulting.
@Tin Did you take a Mike Cantu class recently or something?
Originally posted by Tin Lam:
1. Your strengths
2. Your weaknesses
It is important to know both your strengths and your weaknesses so that you can focus on the former and avoid / delegate the latter.
Go find me a sugar mama
#4 Off Topic Contributor
- Investor
- Round Rock, TX
LOL...nice Tim. Let me know how that works out for ya.
Originally posted by Tin Lam:
Obviously you have given some thought to this matter and now I'm curious what some of these thoughts are. Natural disasters do happen, markets can and do change so what are your suggestions?
Lee Greenwood said it very well in his song:
GOD BLESS THE USA
If tomorrow all the things were gone,
I'd worked for all my life.
And I had to start again,
with just my children and my wife.
I'd thank my lucky stars,
to be livin' here today.
Cause the flag still stands for freedom,
and they can't take that away.
And I'm proud to be an American,
where at least I know I'm free.
And I wont forget the men who died,
who gave that right to me.
And I gladly stand up,
next to you and defend her still today.
Cause there ain't no doubt I love this land,
God bless the USA.
From the lakes of Minnesota,
to the hills of Tennessee.
Across the plains of Texas,
From sea to shining sea.
From Detroit down to Houston,
and New York to L.A.
Well there's pride in every American heart,
and its time we stand and say.
That I'm proud to be an American,
where at least I know I'm free.
And I wont forget the men who died,
who gave that right to me.
And I gladly stand up,
next to you and defend her still today.
Cause there ain't no doubt I love this land,
God bless the USA.
And I'm proud to be and American,
where at least I know I'm free.
And I wont forget the men who died,
who gave that right to me.
And I gladly stand up,
next to you and defend her still today.
Cause there ain't no doubt I love this land,
God bless the USA.
Remember, "Tough times don't last, tough people do!"
Gregory Peck