BiggerPockets

Let say, some disaster hit, or some reasons, you make a bad decisions, or got sued and defeated. You're wiped out and got voted of the real estate island! What would you do? What is your main focus then? What are the two things you will be focus on, assuming you got no cash and no credit?

i'd just write a check and pay off my mortgage....doh! that was the answer for your last riddle...ya got me..what's the answer on this one?

solid advice tin....i'll work on being a leader...but i just couldnt' lead myself to the answer you wanted, and based on your last thread, that was such a hit, i assumed you already had the answer in mind...

to answer your question, you shoulda first implemented strategies to prevent this...corporations, trusts, LLC's...lots and lots of insurance and umbrellas, etc. keeping LLC's separate, and your personal info separate from your companys....and if that does ever happen to me (god forbid), first thing im' probably doing is getting a job to make sure my family can eat :) good luck buddy

i'd like to add, that if anyone is planning on pulling a Bernie, they deserve to get wiped out..so please don't tell the judge BryanA told you to hide behind different corporatinos and llc's! :)

Extremely easy answer! I am confident that you could drop me in a city where I had no connections, and I could lock up a house in contract and sell my contract for a profit. This is with no cash, credit, or prior relationships. I would like the use of the internet though, it would make life a lot easier to figure values and market my deal!

Go on Dancing with the Stars?

In the hypothetical presented, I would simply start over in RE. I did it once without money, although I did have credit.
There is no reason why I could not start over and build up again.

I posted this under another thread about business quotes, but it seems very apropos here:

"You can take my factories, burn down my buildings... but give me my people and I'll build those businesses right back up." - Henry Ford

WOW! :mrgreen: that is excellent advice. Who can top that?

If I could no longer participate in real estate I would start a company in strategy consulting.

1. Your strengths
2. Your weaknesses

It is important to know both your strengths and your weaknesses so that you can focus on the former and avoid / delegate the latter.