How I Rebounded After Losing $1.7M: My Real Estate Journey | Fareed Abedini DSH #858

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Yeah, we were just talking about it. You just moved to Dallas.

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Yeah, I just moved to Dallas from D.C., so it's been a big jump, and I love moving around, bro. I was born and raised in Maryland, moved, switched cities to D.C., and I'm from D.C. now to Dallas, starting from scratch.

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Nice. I know we're going to dive into Airbnb, but where are a majority of your properties at?

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In Texas.

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Got it. And did you have a ton of money to start up with Airbnb?

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No, dude, I was just another first-generation kid who came from a family that doesn't even know what entrepreneurship is. My mom was a schoolteacher. My dad was a taxi driver. And I was just forced to just figure it out myself. And then I hit some rough patches. I lost it all, went pretty much bankrupt like two or three times. And then now I got into real estate.

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And it's been fucking amazing ever since.

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Wow. So you went bankrupt twice? Yeah. Holy crap. And you're young.

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Yeah, I know. I'm 24, dude. I lost it all, bro. I made close to like $1.7 million in the stock market in 2020 when it dipped.

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Were you shorting options and stuff?

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Yeah, I was shorting options, all that GameStop, all that crap, right? Made a shit ton of money. Obviously didn't know what the fuck I was doing, so I lost it all. And then I hit, like, rock bottom depression for a very long time after that. And then I was like, gosh, shit, like, what do I do?

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Got into real estate, started wholesaling properties, pretty much just locking up deals that I didn't even own. And I was just reselling them to investors and pocketing the difference. So... I did that for a while, and then I learned about business credit and business funding and how you can leverage the bank's money. Literally, it's the craziest shit ever.

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If you're 18 years old, you live in the U.S., open up an LLC, you can get $50,000 of business credit on a business credit card instantly. Take that...

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replicate it buy real estate properties or buy airbnb properties with it and now you're using other people's money like the bank's money to cash flow right started learning about that got into you know airbnb and it's been history ever since dude the business credit game is nuts it is you get more than that yeah i got 200 because i had two companies so you could get like 50 to 100 for each llc depending on the revenue and stuff yeah 200k at zero percent interest

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Yeah, I put up like $25,000. That's it? I have screenshots. I literally have screenshots of me starting with $25,000 in my bank account and scaling my stock portfolio all the way up to $1.7 million.

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Damn, did you cash out any of it? No. You risked it all?

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I was high off money, bro. I was a kid. I was 20 years old, and I didn't know what the fuck I was doing. And I was like, yeah, this is chill. I was on the top of the world. I was high off life. I was about to drop out of college. And I'm glad for it because that adversity that I got hit by when I lost all that money put me into a position, and my back was against the wall.

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And I was like, all right, what the hell do I do now? And I always knew I wanted to get into real estate. And now I had no money to do so. So it forced me to be creative. And that's why I freaking love real estate is because you can be so creative when it comes to doing real estate transactions. Like one real estate property could give you five or six exit strategies.

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You could fix and flip a property. You could bur a property, which is buying and renovating it. You can buy and hold a property. You can buy a property, Airbnb it out. You could buy a property, completely destroy it, and then build a building on it. There's so many different strategies you can take. That's what got me into this space is because I understood like, okay, well...

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Yeah. Was there any mentors or books that really guided you through this?

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Yeah, I used to read a lot of fucking books, bro. And I'll be honest, like now I don't. Now I don't read any books. I don't watch videos. I don't do any of that crap because like I'm a visual person. I have to learn visually. Me, my learning process is being here with my mentor, with someone in the actual mud and going through trial and error and going through experience.

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Like I can't just open up a textbook and stay in a classroom and learn how to run a business.

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that's why i've never been really you know good at school or anything like that yeah i feel that no i'm the same way to be honest yeah that's why i don't film these over zoom yeah always in person yeah fuck zoom fuck online everything yeah i sucked at school bro and being asian that was not a good mix you know how it is right yeah i did not fit in with those asian nerds man god damn school was so boring yeah now i love learning but it just shit i care about

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Yeah. It's like, bro, you're not, you know, it's like when you, you know, you could be in a classroom and learn how to drive a car. Right. And like watch all these videos and take all these tests. But you're not going to learn how to truly operate a vehicle unless you're in the driver's seat with your foot on the gas. Facts. Right. And it's the same thing in business is like.