464: Scammed, Cheated, But Still Coming Out with 50 units with Welby Accely
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 investNever trusting a new partnership without proof of concept and contractsPulling yourself back up after losing tens of thousands of dollarsPutting in offers everyday so you can secure a dealHard money loans vs. using your own capitalHelping build other’s businesses so they stay loyal to yoursAnd SO much more!Links from the ShowBiggerPockets ForumsWater Park ScamBiggerPockets WebinarsBiggerPockets Blog Check the full show notes here: http://biggerpockets.com/show464