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

📱(937) 458-3303
Email: Darrin@DaytonCapitalPartners.com

Linkedin: 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.” -7:10

“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.”

“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.”

“[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.

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// TIME STAMPS ⏲

0.00 Introduction
0:28 Darrin’s totally insane real estate story
4:15 Selling a hoarder’s home
5:47 Starting in real estate at 18
8:10 What kept you going?
9:50 A successful mindset strategy
10:40 Lessons learned–applying ideas learned from past deals
11:55 Committing to yourself
13:15 How did you develop the mindset debriefing?
15:19 Scaling the business upwards
17:54 Leveraging and reserves
21:00 Cut and reduced credit lines
24:00 Experiencing bankruptcy
26:35 Getting creative and finding new opportunities
28:00 Working on flipping houses
30:40 Helping other people to succeed
31:40 Would you rather?
33:30 Evolving role as an underwriter
35:35 Lending and Wholesaling strategies
38:20 Knowing your borrowers
41:30 Vision for the next 12 months

Sources Mentioned -

// TAGS

How To Bounce Back From Bankruptcy With Real Estate economy housing market house hacking