I ran across THIS VIDEO of on interview with former NBA player Antoine Walker about how he lost $110 Million with Real Estate. It's a sad situation which could have been avoided if he learned the lessons we teach at CashFlowDepot.com
Mr. Walker got bank financing to buy real estate. That's something we strongly discourage at CashFlowDepot.com because (1) the fees to get a loan are high (2) you have to give up your privacy information, but most importantly (3) you usually have to personally guarantee the loan. That means if you default on the loan, they can come after you personally and all your assets for the money... and that's exactly what happened to Mr. Walker.
Instead of getting bank financing, it is much better to buy with seller financing or find a private lender who will finance the purchase. Some private lenders want a fixed interest others prefer to get part of the cash flow and equity. There are a lot of people with a ton of money sitting in the bank earning 1% who would love to find a way to make 3%, 4%, or 5% on their money.
Instead of giving a personal guarantee for any kind of financing, it is better to make the property the SOLE security. If circumstances change and you can't make payments or the economy tanks, the worst that can happen is you lose the property. But no one can come after you or your other assets.
There's the traditional way to buy real estate - and the creative way. The creative way will help you avoid risks!
Jackie
Mr. Walker got bank financing to buy real estate. That's something we strongly discourage at CashFlowDepot.com because (1) the fees to get a loan are high (2) you have to give up your privacy information, but most importantly (3) you usually have to personally guarantee the loan. That means if you default on the loan, they can come after you personally and all your assets for the money... and that's exactly what happened to Mr. Walker.
Instead of getting bank financing, it is much better to buy with seller financing or find a private lender who will finance the purchase. Some private lenders want a fixed interest others prefer to get part of the cash flow and equity. There are a lot of people with a ton of money sitting in the bank earning 1% who would love to find a way to make 3%, 4%, or 5% on their money.
Instead of giving a personal guarantee for any kind of financing, it is better to make the property the SOLE security. If circumstances change and you can't make payments or the economy tanks, the worst that can happen is you lose the property. But no one can come after you or your other assets.
There's the traditional way to buy real estate - and the creative way. The creative way will help you avoid risks!
Jackie
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
