EP256: Our Story Part 1: How Clayton Went Through Foreclosure and Destroyed His Credit
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This episode of Investing in Real Estate is sponsored by Betterment. Betterment is the largest independent online financial advisor. Their service is designed to help improve customers’ long-term returns and lower taxes for retirement planning, building wealth, and other financial goals. Investing in Real Estate listeners can get up to one year managed free. For more information, visit betterment.com/clayton.
Here on the show, we’ve shared many details about our family’s personal investment strategy. We’ve discussed how we’ve attained financing, and dissected deals we’ve considered. However, we’ve never really shared our past, including how we got to where we are.
In this new series, Natali and I are sitting down to share our entire story, including how we eventually reached financial freedom via real estate investing. Today, we’re discussing my real estate failures in-depth. I’ll share my history, personal challenges, and the lessons I learned through the process. Please join us for episode 256 of Investing in Real Estate!
More About This Show
2017 was an incredible year for our family. Because of our passive income through real estate investing, I was able to leave behind my broadcasting career. And now that we’ve attained financial freedom, we want to focus more than ever on teaching you how to do the same.
When Natali and I met in 2008, I already had some real estate experience under my belt—but unfortunately those investments were failures. I now know what it takes to make a successful and profitable investment, but I learned some difficult lessons along the way.
My first big mistake was investing in properties that belonged to HOAs. Back in 2005, I purchased two condos in Florida. I spent way too much time and energy rehabbing these properties; I did it all myself. And although I was able to flip these condos and make a chunk of money, what came next was an even bigger flop.
I took my earnings from the sale of the condos and invested in a speculative land project in North Carolina. As you can imagine, this didn’t pan out. From this experience, I learned the importance of investing in real, tangible properties.
I also purchased a piece of land in Ft. Myers that was intended to become a subdivision. On today’s show, I’ll share the details about how that investment went belly up, and how I ended up with my bank accounts frozen. I’ll talk about how I wrecked my credit, and the important lessons I learned along the way.
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- Why can speculative investments be dangerous?
- How did my “poor dad” upbringing hinder me?
- What circumstances forced us to get creative with real estate investing?
- What is my opinion on rental properties that are in HOAs?
- And much more!
Rich Dad Poor Dad by Robert Kiyosaki
Getting the Money by Susan Lassiter-Lyons
Should You Buy a Rental Property with an HOA?
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