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BiggerPockets Real Estate Podcast

464: Scammed, Cheated, But Still Coming Out with 50 units with Welby Accely

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.816.6K Ratings

🗓️ 29 April 2021

⏱️ 53 minutes

🧾️ Download transcript

Summary

Many, many people give up on real estate after just one bad deal, one bad tenant, or one bad flip. But what if you lost all you had from real estate deals, would you still be willing to bet on real estate? What if you lost it all twice? Welby Accely, has been in that position. He lost all he had, two separate times through dicey real estate deals. He never did give up on real estate, and now he’s sitting on 50 rentals and over 70 completed flips. Welby grew up in Brooklyn, and knew that his godfather was doing well in real estate, so when he got older, he decided to give it a shot. He invested in a multifamily deal in Atlanta, overleveraged himself, and had it foreclosed on him. A few years later, he had another Atlanta property taken from home. Welby was wiped out. He got scammed, lied to, and dove in too deep a couple times. After these tough experiences, he knew he had to do whatever he could to make sure his due diligence was top notch. He was later told about Connecticut, and decided to take some serious time exploring the market, building relationships, and networking. Then, he started flipping. 1 house a year, 2 houses a year, then 15 houses a year, and now 20 houses a year. Now, Welby takes young and aspiring real estate investors on “ride alongs” so they can see exactly what it’s like to be a real estate investor! In This Episode We Cover: How crucial it is to understand your market before you invest Never trusting a new partnership without proof of concept and contracts Pulling yourself back up after losing tens of thousands of dollars Putting in offers everyday so you can secure a deal Hard money loans vs. using your own capital Helping build other’s businesses so they stay loyal to yours And SO much more! Links from the Show BiggerPockets Forums Water Park Scam BiggerPockets Webinars BiggerPockets Blog  Check the full show notes here: http://biggerpockets.com/show464 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This is the Bigger Pockets podcast show 464 and my biggest issue that I had was that I kept skipping the process

0:08.1

I kept trying to find an easy way to do it. I was betting on other people. I wasn't betting on me

0:14.1

Every time I was waiting for other people to show me how to do it

0:16.6

They were finding a sucker and it was taking advantage of me. So here I am now

0:21.1

These hundreds of thousands of dollars. I destroyed it. I lost I would bet on other people and I said to myself

0:27.0

Why the hell will be you won't bet on yourself? Why are you not going to bet on yourself? But you'll let these other people

0:31.9

You'll bet on these other people. So I said I'm going to take this 90,000 dollars and I'm going to lose this money

0:36.9

That's what I'm going to do

0:38.9

You're listening to Bigger Pockets radio

0:41.5

Simplifying real estate for investors large and small

0:44.8

If you're here looking to learn about real estate investing without all the hype you're in the right place

0:50.2

Stay tuned and be sure to join the millions of others who have benefited from bigger pockets dot com

0:56.7

Your home for real estate investing online

0:59.9

What's going on everyone? It's Brandon Turner host of the bigger pockets podcast here with my co-host

1:06.1

Mr. David Cinderella story green. What's up man? How you doing? Thank you for that Brandon

1:10.3

But I think the real Cinderella man is going to be today's guest who has a story that will leave you inspired

1:16.7

At the edge of your seat and just might get a little bit tear out of your eye and this was an incredible interview

1:22.1

Who was an incredible interview? Yeah, I'm super excited to bring you guys

1:25.9

Well, he's awesome dude been Instagram friends for a while

1:28.9

But I'd never heard a story like his full story and he has a tremendous story of losing everything

1:33.9

Multiple times you're gonna hear about that and some of the reasons why that he lost everything in real estate

1:39.1

So you can avoid those things he talks about how like literally had an FBI probe against a business venture

...

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