EP 239: Getting In and Out of 1 Million in Debt (Minisode)
Feb 01, 2022It's not always about the big wins; sometimes, the best lessons we learn are the ones we learn from our biggest mistakes!
In this episode, Liz gets transparent and pulls from her story of how she and her husband got in and out of debt. She'll give us the lessons she learned along the way: how to leverage debt correctly, good debt versus bad debt, and the importance of building out your exit plan!
When you're in this business, people trust you to manage both your money and your investors' money.
So let’s dive in to learn the best practices from Liz's experience of getting in and out of 1 million dollars in debt!
Quotes
• “We didn't literally waste this money. But we bought real estate that we were not able to refinance and pull the money out of.” (4:45 - 4:43)
• “We ended up buying long-term assets that we couldn't add as much value to… It wasn't the best use of money, and I call it bad debt.” (5:17 - 5:38)
• “Here's what I want you to really think about when you have your line of credit: what is your exit plan?” (6:59 - 7:05)
• “I see women saying, ‘Oh, I'm gonna use a line of credit to buy this rental.’ Okay, well, if you do that, you really need to be at a complete value add - meaning you're adding so much value that when you refinance or sell, that line of credit can get paid back in full.” (7:10 - 7:24)
• “The key in not giving up is you DO have successes… You really just don't give up, and you start to have some success and go, ‘Okay, these were decisions we made at that point. That's not who we are today; let's shift and pivot.’” (8:38 - 10:13)
• “There are times to pull the plug, and there are times to keep going.” (10:28 - 10:31)
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