In the last post we talked about how for (the first time ever) I had a deal under-deliver and, although I tried everything, I could not make good on my promise to repay my hard money lender at our first agreed upon date. If you missed that post, you should read it; it’s an important one.
We settled on a 90-day extension, giving me 120 days to make 6-figures and pay back the loan.
What did I do?
Well, I had to suck it up and get to work. Basically, I had to come out of my passive-income retirement and do what I know how to do best – find deals and match them up with buyers.
As a side note here: the skills you’re learning can be implemented at ANY time in your life course. If you get in a bind (or want to buy a toy), you can always go back to work and apply what you’ve learned to get out of it. That’s a beautiful thing.
So, how did I do it?
I had just purchased a few single-family homes and a multi-family unit in Memphis, TN for myself. While doing so I was able to put together a really sharp team.
They had found the deals, rehabbed them, and put tenants in them in less than 30 days. I knew I had a network of people in California who wanted to get into the investing game.
So I approached my Memphis team and said, “You know how you did that for me? Do you think you could do that about 20 more times in the next 120 days for some associates of mine?”
They said, “Yes. Shouldn’t be a problem.”
After that, it was full steam ahead.
Before I had only offered these deals to people inside the Epic Pro Academy, but I knew there was a demand for a turnkey investing service elsewhere. I knew it, but I was having too much fun enjoying my passive income, doing what I wanted to do to expand the operation.
It’s amazing what you can do when you’re required.
The need of repaying the loan pushed my little turn key investing operation, initially launched as a way to make a few extra bucks, into a full-fledged business.
So here we are months later, all loans have been repaid, and now I’m left with this thriving business – Cash Flow Savvy.
Sometimes we get comfortable in where we are and life comes along to shake us up a bit and push us beyond where we thought we wanted to stay.
If that happens to you, if your back is against a wall, congratulations because necessity is the mother of all invention, and you’ll be forced to do better for yourself. But why wait for your back to be pressed against a wall to do better for yourself?
What would you do if you had to pay a 6-figure loan in 120 days? What would you DO?
Now go do THAT.
Check out the details of our unplanned biz, Cash Flow Savvy, here.