How To Bounce Back From Bankruptcy With Real Estate

Darrin Carey first dipped his toes into the real estate business during college when he was only 18 to 19 years old. After three years in the military, he decided that he wanted to bring in income initially through land-lording. But after finding motivation in other successful people in the field, he finally dived head-first into real estate investment. Now president of Dayton Capital Partners, LLC, Darrin has been in the real estate industry for over 17 years. In the interview, he shares his humble beginnings and experiences–from losing several properties to getting over a bankruptcy declaration.In today’s episode, he reveals his secret to success and his proven mindset–learning from losing.Don’t Forget To Reach Out To Darrin Carey:📱[phone]Email: [e-mail]: https://www.linkedin.com/in/darrincarey/Website: http://daytoncapitalpartners.com/Quotes “I bought 3-4 properties. [...] And I managed to lose money on every single one of them.”“I looked in the mirror and asked, “What am I doing wrong?”“One thing I learned in the first three houses is when the seller tells you that it’s a very low maintenance house in the first 20 years he’s owned it, that means the house needs everything.”“I started learning a lot from other people. I learned how clueless I was when I first started. Because you know, two books from Barnes and Noble wasn’t much of an education to start with.” “In the military, when you do something major, you what is called ‘lessons learned.’ So I start taking notes of the things I learned during my start in real estate. I look back at the deals and say, ‘What went right? What went wrong? What could I’ve done better? What did I learn?’ so that I can apply and do that better during the next deal. “These guys did it. And they’re [...] nothing special. So if they could do it, I can do this.” “You committed that you were going to figure this out. And none of those challenges deviated your mindset away from your [path].” “So for me it was the question of “Why isn’t it working for me? What am I doing wrong? And as I figure that out, started to do more things right, things got better.” “It’s a matter of that learning process. So I had to go through 15 to 30 properties [to] learn the ropes, learn how to do it. And then it will start working. So now it works really well.” “[Growing up] You generally did everything you could yourself. You figure out how to make things work. So that was just natural for me going into it. And then going into the military just reinforces the same mindset. ‘Here’s what we’re going to do, figure out a path. And if this one doesn’t work, just choose a different one.’ ” “[Bankcruptcy] Forced me into being creative. It also forced me to look at other opportunities.” “I would do it all over again. If I never started, I would’ve never ended up where I am today.” “If we help everybody, then everybody does better. I can’t do it for them, but I can help them along the path.” Concepts - There’s always a risk of losing money in any business you get into. But you can turn your losses into learning opportunities.By learning through your losses, you begin to recognize ways to do things differently.When you feel like you’re failing, reflect on the things you’ve done and find out how you can do better.Having enough knowledge or seeking advice from someone who knows the in and out of the business are key things you should consider before making a decision.While studying and learning on your own can add to your progress, gaining knowledge from experienced people in your field might give you the answers you need.Incorporating a “lessons learned” habit in your business or virtually anything you want to do better can help you improve the way you think, identify problems, and act in the future. Take inspiration from those who’ve found success in the same business. Motivate yourself by believing in yourself. Commit and trust yourself. Don’t allow challenges to take you away from the path you created. Trust the learning process. Don’t treat failure as the end of your journey. It’s merely a point where you can discover the right ways to overcome your challenges. If a path does not work no matter what you try, choose a different one but keep your eyes on your end goal. Try not to be too complacent with your achievements as it is better to anticipate challenges that to face them unprepared. Allow yourself some time to recover from a major event in your life. This way, you can look back, reflect, and learn from your experiences and decisions leading up to the moment. Sharing your learnings with other people and helping them be successful is just as important as making money from your business. Get to know your clients well. Because if a good opportunity arises that will benefit them as well, you’ll be able to recognize who’ll be the best for the ...