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b"In this episode, Michael Carr shares lessons from the Great Recession. He talks about repositioning, reselling, and auctioning off properties being repossessed, as well as key lessons to building and preserving wealth during rocky times.\\n\\n[00:01 - 07:37] Opening Segment\\nMichael shares about his background and what he does in real estate\\nMichael got his start in real estate investing in 1994 when he couldn't get a bank to lend him money\\xa0\\nGetting a $10,000 unsecured line of credit and bought his first house for $73,000\\xa0\\n\\n[07:38 - 15:21] Lessons From the Great Recession\\nMany people were smart in the way they were buying houses by purchasing them lower than their value\\nHave reserves to prepare for short-term turmoil\\nDon't go over 50% loan to value ratio\\nGet a line of credit to cover unseen expenses\\n\\xa0\\n[15:22 - 21:27] Identifying Long-Term Value Opportunities in Declining Markets\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\nLook for markets with long-term potential and growth opportunities\\nConsider buying properties that have a personal connection\\xa0\\nSelling off rental residential property for developable properties\\xa0\\n\\xa0\\n[23:53- 29:50] Closing Segment\\nQuick break for our sponsors The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.\\xa0 Learn more about Personal Capital at escapingwallstreet.com\\xa0\\n\\nWhat is the best investment you've ever made other than your education?Buying multiple mobile home units in 2013\\n\\nMichael Carr\\u2019s worst investments\\xa0A town home he bought 30 years ago\\n\\nWhat is the most important lesson you\\u2019ve learned in business and investing?Buy with a purpose\\xa0\\n\\n\\nConnect with Michael Carr:\\nWebsite: https://michaelcarrrealty.com/\\n\\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/\\nParticipate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.\\nJoin our Passive Investor Club for access to passive commercial real estate investment opportunities.\\nLEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\n\\xa0\\nTweetable Quotes:\\n\\u201cDon't over analyze, but be sure you've got your bases covered.\\u201d - Michael Carr"