464: Scammed, Cheated, But Still Coming Out with 50 units with Welby Accely
Publish Date: 2021/4/29
BiggerPockets Real Estate Podcast
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Shownotes Transcript
<p>Many, <strong>many people give up on real estate after just one </strong><a href="https://www.biggerpockets.com/blog/signs-youre-buying-a-bad-deal"><strong>bad deal</strong></a>, one bad tenant, or one bad flip. But what if you<strong> lost all you had from real estate deals</strong>, would you still be willing to bet on real estate? What if you lost it all twice? <strong>Welby Accely</strong>, has been in that position. He lost all he had, two separate times through dicey real estate deals. He never did give up on real estate, and<strong> now he’s sitting on 50 rentals and over 70 completed flips</strong>.</p><p>Welby grew up in Brooklyn, and knew that his godfather was doing well in real estate, so when he got older, he decided to give it a shot. He invested in a <a href="https://www.biggerpockets.com/blog/5-tips-finding-multifamily-deals-beginners">multifamily deal</a> in Atlanta, <strong>overleveraged himself, and had it foreclosed on him</strong>. A few years later, he had another Atlanta property taken from home. Welby was wiped out. <strong>He got scammed, lied to, and dove in too deep a couple times</strong>.</p><p>After these tough experiences, he knew he had to do whatever he could to <strong>make sure his </strong><a href="https://www.biggerpockets.com/blog/due-diligence-ultimate-guide"><strong>due diligence</strong></a><strong> was top notch</strong>. He was later told about Connecticut, and decided to take some serious time exploring the market, building relationships, and networking. Then, he started flipping. 1 house a year, 2 houses a year, then 15 houses a year, and <strong>now 20 houses a year</strong>.</p><p>Now, Welby takes young and aspiring real estate investors on “<strong>ride alongs</strong>” so they can see exactly what it’s like to be a real estate investor!</p><p>In This Episode We Cover:</p><ul>
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