If at first you don’t succeed, try try again.
We would never scold a child for falling down when he or she is learning to walk. We would be gentle and encouraging, and maybe even celebrate each fall because of the effort is was to take such a risk — knowing another fall may be coming. Ah, if we could only be so gentle on ourselves and others as we grow up.
Life is full of risk. And the risk helps us to be smarter, and more strategic in the things we do. Unfortunately, the fear of failure can keep people from ever even trying. And then, when we do try and fail, going for it again can be terrifying. But I assure you, anyone who is a pro at anything took a lot of falls.
I certainly have. I detail some of that in my book, Retire Rich with Rentals, where I gave people a lot of good advice back in 2005 to buy property in Texas because we expected a crash in California. But then Rich and I ended up keeping two properties in California that lost half their value during the downturn. We also bought a couple of properties in Boise Idaho, breaking my rule of buying property in an area that had a small pool of renters and employers. Oh, and the time we got a short-term balloon loan instead of a long-term loan, and when the balloon note was due, the market crashed and there was no financing available to refinance into. Those were tough times but they helped me learn and grow and now teach what not to do when investing.
Our guest today knew real estate was risky, but he was willing to jump in anyway. He learned some tough lessons, but he pulled himself back up and jumped back in. Now he’s doing some really cool things with tax liens that I can’t wait to share with you, and he’s using those profits to buy cash flow rentals in growing markets.
Darnell Randall was born and raised in Los Angeles, where owning real estate can be pretty cost prohibitive. So he’s found other options. And while some didn’t work out as expected, he didn’t give up. Today he’s here to share what’s working and what his plans are next. He’s a regular member at our RealWealth events, and we’re so happy to have him here on the Real Wealth Show.