In a five (5) part series:
Rebuilding your Dream after your Empire Falls
I came out of school and started working for a mortgage service company in Maryland. My thoughts and dreams were focused on building a real estate empire and God placed me in a position to do so.
I began my building of experience by working for a slumlord in Baltimore, Maryland. He honestly taught me everything and I mean everything from repairing drywall to how to keep a tenant happy. He had renter that had been in his properties for twenty (20) years. So, the old man knew what he was talking about and I listened and learned. The one line he would said to me everyday,” Reggie, if you take care of the houses, the houses will take care of you!”. He had a heavy Baltimore accent. It was funny but correct and him being worth about Thirty (30,000,000.00) Million dollars said it all. He is the one who said to me you need to start buying units yourself. So, I left the position and began buying single families and renting them out.
I built up a portfolio in Baltimore City of thirty (30) singles homes and two (2) apartment buildings. I was flying high and then it happened! The crash of 2008 and I was not ready in anyway. I had never imaged this like any of us did but i lost everything!!!
And a famous phase came to me in all its profound impact:
POOR PLANNNING MAKES PISS POOR PERFORMANCE!!!
That was me 1000%; I thought I had it all and know it all!!!
I did not know sxi?t!!!
I did not have any reserves in place, no back-up plan and could not get or find any available line of credit!!! So, I was done, No one to talk too, no one that would understand, no one that really cared and like most went into a state of depression…and it took a long time to get out of it. Please remember, that in the hard times you quickly find out who your friends are…
So, with that said, Take a look at who is in your circle of support and trust??? Get that straight it is so important!!
Now, the question; Now do I start over? These are I think the most important points I learned on my process of rebuilding (which I am still doing):
Rebuild your thoughts and/or mental capacity…if you think the same you will do the same!!
Get your circle of support straight
Build a real plan with back-up/reserves
Build a team of people who are (NOT YES PEOPLE) they are individuals who are truly honest with you.
And last but most important develop your relationship with God which will strengthen your Faith!!
Take some real time and start to put together notes on the above points and in part 2 we will begin with the change of your thoughts.
FYI- Remember, it is not always about you!!! Pay it forward…Information and Love!!