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I was looking at some real estate related headlines the other day and saw one on NASDAQ.com that asked:
"Why Are So Many Real Estate Investors Going Bankrupt?"
I stopped in my tracks and had one of those "wait, what?” reactions.
Bankrupt? I don’t know any real estate investors who are going bankrupt. Especially not in this market.
Sure I knew a bunch of people that got destroyed back in the bad old days of 2006 and 2007 when the world was coming to an end...
But now?
Not one.
Do you know any investors who are going bankrupt?
I don’t think many are these days, mostly, due to what Mark Cuban says: "Everyone is a genius in a bull market.”
So I wondered, What the heck was this guy talking about?
And about five seconds later I had my answer. A friend of the author’s friend’s brother’s sister’s aunt’s cousin’s grandfather went bankrupt and had rentals. So the “so many” was really just one…
Dennis Fassett
earned a BS in Economics and followed that up with an MBA in finance. After working and corporate finance and banking for several years, he started buying single family houses, and quickly built a very nice portfolio of cash flowing rentals. When the credit markets started to dry up and he couldn’t get any additional single family mortgages he shifted his focus to apartment buildings. He now has over $3 million in rental real estate. He manages most of it his self and still has a day job. Dennis has even created his own Private Equity fund to buy apartment buildings.