Getting In and Out of 1 Million in Debt (Minisode)

It's not always about the big wins; sometimes, the best lessons we learn are the ones we learn from our biggest mistakes!  In this episode, Liz gets transparent and pulls from her story of how she and her husband got in and out of debt. She'll give us the lessons she learned along the way: how to leverage debt correctly, good debt versus bad debt, and the importance of building out your exit plan! When you're in this business, people trust you to manage both your money and your investors' money.  So let’s dive in to learn the best practices from Liz's experience of getting in and out of 1 million dollars in debt! Quotes • “We didn't literally waste this money. But we bought real estate that we were not able to refinance and pull the money out of.” (4:45 - 4:43) • “We ended up buying long-term assets that we couldn't add as much value to… It wasn't the best use of money, and I call it bad debt.” (5:17 - 5:38) • “Here's what I want you to really think about when you have your line of credit: what is your exit plan?” (6:59 - 7:05) • “I see women saying, ‘Oh, I'm gonna use a line of credit to buy this rental.’ Okay, well, if you do that, you really need to be at a complete value add - meaning you're adding so much value that when you refinance or sell, that line of credit can get paid back in full.” (7:10 - 7:24) • “The key in not giving up is you DO have successes… You really just don't give up, and you start to have some success and go, ‘Okay, these were decisions we made at that point. That's not who we are today; let's shift and pivot.’” (8:38 - 10:13) • “There are times to pull the plug, and there are times to keep going.” (10:28 - 10:31) How To Join the InvestHER Movement  1) The Real Estate InvestHER Podcast - The weekly show details the journey of some of the most amazing women real estate investors around the world, who open up their lives and share practical and strategic tools for growing a rental portfolio, flipping houses and the mindset that allows them to run a successful investing business while taking care of their families and most importantly taking care of themselves. Subscribe via: Apple Itunes  Spotify Amazon Music Android   Stitcher    2) The Real Estate InvestHER Membership  STRIVE is a one-of-a-kind membership for experienced women investors looking to make deeper connections and take their Real Estate business to the next level. It is more than a transactional membership, it is a transformational experience for women looking to live life on their own terms. Apply today. We open doors in June. https://www.therealestateinvesther.com/reserve  3) InvestHER Community on Facebook  We have thousand of members in our Facebook InvestHER Community (and growing!) This is a safe place for women to ask real estate investing questions and gain the support they need to achieve their goals!    4) InvestHER Meetups Around the Globe  We have Investher Meetup members attending in-person meetings across the country and Canada. Meetups are being held monthly by experienced InvestHER Leaders! Learn more about our InvestHER leaders, meetup locations, and how to become an InvestHER Leader HERE!     5) InvestHER™ eXp Team Our mission is to empower women in Real Estate to live a financially free and balanced life, and we are extending our support to Real Estate agents worldwide.   We have created exclusive content and support for the InvestHER™ eXp Team: *Top skills and strategies to grow YOUR business *How to utilize your “real estate agent” advantage to become a real estate investor *Monthly live masterminds *Become part of Libertas Organization with top coaches, Tim and Julie Harris.   Jonna Hall Weber is leading our team. If you have any questions or are ready to join our team, click here to schedule a call with her.