Navigating Downturns: How to Keep Your Business Afloat in Tough Times
Wealthy Way
Ryan Pineda
4.9 • 2.2K Ratings
🗓️ 18 October 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Economic downturns can be tough, but your business doesn't have to sink. With practical strategies you can stay afloat and thrive during challenging times.
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About Ryan Pineda:
Ryan Pineda has been in the real estate industry since 2010 and has invested in over $100,000,000 of real estate. He has completed over 700 flips and wholesales, and he owns over 650 rental units. As an entrepreneur, he has founded seven different businesses that have generated 7-8 figures of revenue.
Ryan has amassed over 2 million followers on social media and has generated over 1 billion views online. Starting as a minor league baseball player making less than $2,000 a month, Ryan is now worth over $100 million. He shares his experiences in building wealth and believes that anyone can change their life with real estate investing.
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Transcript
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| 0:00.0 | One thing I want to ask you is like you know you said you lost it all in 2008 and we just went through our own down like the most severe downturn since 2008. |
| 0:08.0 | You know in 2022. |
| 0:10.0 | I've been open that I lost millions during that and you know obviously I'm still here still making money but |
| 0:17.2 | others weren't so fortunate. What did you learn from each downturn? |
| 0:24.0 | So the first downturn I was actually able to get a 25 million dollar line of credit |
| 0:30.0 | that was then a hundred million dollar land of credit from Wells Fargo as a hard |
| 0:34.9 | money lender right signing the personal guarantee so in the financial |
| 0:39.1 | crisis personal guarantee on a hundred million bucks definitely. |
| 0:43.6 | You're toast. |
| 0:44.2 | Yeah, so, but I didn't file BK. |
| 0:47.2 | I learned that if you just negotiate with the people |
| 0:51.0 | that you're doing business with your fair and you just you know |
| 0:54.0 | communicate with them you're just like hey I lost everything I'm I'm Chris |
| 0:58.8 | Simon I lost four and a half million dollars you're Wells Fargo you lost six |
| 1:01.7 | anyway I ended up getting out of all my personal guarantees, |
| 1:04.8 | didn't file bankruptcy. I paid all the friends and family money back, which was like a million and a half |
| 1:09.4 | bucks, which took me from 2008 to 2015. |
| 1:13.9 | You took seven years to pay everyone back. |
| 1:15.8 | It took seven years. |
| 1:16.7 | But I mean, you know, I just, I couldn't, |
| 1:19.8 | these are friends and family. |
| 1:20.8 | I couldn't look them in the face. |
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