#298 - From Bankruptcy to Debt-Free Rental Portfolio - One Family's Journey
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 10 July 2023
⏱️ 62 minutes
🧾️ Download transcript
Summary
Episode #298 - After receiving a devastating phone call from his mother, Anthony and his family go on a 7 year journey to climb out of bankruptcy. The family goes through emotional growth along the way, while finding out exactly what a successful real estate business looks like.
📑 COMPANION ARTICLE/SHOW NOTES:
https://www.coachcarson.com/bankruptcy/
🔗 LINKS:
Anthony's Instagram: https://www.instagram.com/stackbread3000/
🎬 AUDIO TIMESTAMPS:
0:00 - Bankruptcy call
4:48 - Background in M&A
7:08 - Call that changed everything
13:31 - Family's portfolio
17:03 - What family did right
23:18 - Diagnosis & action steps
34:11 - Ray of hope
38:08 - Paid of EVERYTHING
42:19 - Willingness to learn
47:28 - Empathy in RE
I50:50 - Impact on family
54:34 - Final advice
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🧰MY FAVORITE REAL ESTATE & MONEY TOOLS:
- Deal Machine - software to help you buy more real estate deals - https://www.coachcarson.com/dealmachine
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Transcript
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| 0:00.0 | I stepped out into the hall and she just burst in the tears. |
| 0:04.4 | She was scared and she said, we're about our house. |
| 0:08.2 | I need to push our portfolio into bankruptcy and I need $20,000. |
| 0:12.7 | And I am like, what are you talking about? |
| 0:26.5 | Welcome to the podcast Real Estate Investing with Coach Carson. |
| 0:27.8 | I'm your host Chad Carson. |
| 0:29.0 | You can also call me Coach. |
| 0:33.1 | And this is a show to help you get out of the financial grind so you can do more of what matters. |
| 0:37.5 | Whether your first time listener or a long time listener, thank you for being back for another episode. |
| 0:44.2 | The title of this episode is from bankruptcy to debt-free rental portfolio, one family's journey. |
| 0:47.2 | In this episode, I interviewed my old friend Anthony. |
| 0:50.4 | This is very fun for me because Anthony and I were friends in high school. |
| 0:52.5 | We went to school together in College Park, Georgia. |
| 1:11.4 | So when Anthony came to me with the details of his family's story and his willingness to share it, I knew I had to have him on the podcast. Anthony and his wife are real estate investors themselves in College Park, Georgia. He's also an attorney and a professional and works in the mergers and acquisition space for corporations. So in his own right, they've been very successful professionally and with their real estate investments. |
| 1:18.8 | But this is really a story not only about Anthony, but about his family and a journey they had to take through some really difficult times when their back was against the wall. This was the beginning of a seven-year journey to very deeply understanding my parents' business, understanding single family and understanding |
| 1:29.6 | how to manage through some adverse times. |
| 1:32.5 | His parents had real estate messimas themselves there in Atlanta, and they're very community |
| 1:36.5 | oriented and cared about the community, cared about their tenants. |
| 1:39.1 | My parents believed every person deserves to have a home to come home to that that is respectable, that is safe, |
| 1:47.4 | that is clean. But along the way, they faced some challenges, which I'll let Anthony explain more |
| 1:51.4 | details about, culminated in them facing a bankruptcy. They had a bunch of debt all over the place, |
| 1:57.4 | from property taxes to personal taxes to these mortgages that they no longer |
... |
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