Wholesaling VS Flipping
This is a continuation of the Flip2Freedom podcast with Sean Terry. In this episode, Sean interviews Robinson Aries and finds out how wholesaling took him from bankruptcy to making bank.
Robinson: At that point, I said I’m not going to do it anymore. I’m just working for the bank to hold the property. All this stress, dealing with tenants; I’m tired of this. So I went to talk to my attorney. He said, “You know you are underwater, so I think the best way to go right now is to do a bankruptcy,.” And that’s what I did. In 2011, I decided to close everything. I had to get a new start.
Sean: Now, Robinson, when was this? This was late 2011?
Robinson: 2011. That’s right.
Sean: So 2008 to 2011, you were struggling, trying to keep everything, trying to keep the properties, trying to keep your credit, trying to get everything put together and trying to do the right thing. Right? But then it came to a point where you just had to go that route.
Robinson: I was trying to save my credit. That was the first thing that I wanted to do. Of course, I couldn’t hold it anymore. Then, I stopped paying for those properties. I modified some of them, but then I finally had enough. I was trying to do businesses and it was too stressful. I was bleeding money every single month. So, I said no, this is going nowhere. I talked to my attorney. We decided to declare bankruptcy. So, I applied for my bankruptcy on April 26th and I got a dismiss on all of those 2008 errors. I received a letter after attending the hearings and everything in court. I explained my situation to the judge. Of course, everybody was kind of in the same situation, having a hard time. I decided to get a new start. I was completely broke in August 2011. I was losing my house as well. I was so stressed. I said, “you know what? I’ve got no money. I’ve got nothing to lose right now. I’ve got to do something and I’ve got to do something quickly.”
I was searching all around, still working some short sales, trying to flip. Back in that time, short sales had been changing a lot. There were a lot of government regulations. The government had been trying to change the rules and it made it more difficult for investors to flip a short sale. So short sales were going nowhere. I’ve got to think of something else, pick up some properties, wholesaling, something like that.
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