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- We almost lost both our houses 🤯
We almost lost both our houses 🤯
And my LinkedIn saved my life.
“Tobi, if you don’t come up with the money, you will lose everything.”
Imagine getting a call like that during lunchtime at work.
Our mortgage broker had missed a very important detail when we were purchasing our second home - so we missed it too.
To keep it short, the plan was to move the equity from our first house into our second home because it had appreciated by almost 50% in just 2 years.
We ran the math multiple times, talked to a mortgage broker, did more math and then made the decision to buy the house.
But then the market changed. Home prices dropped by 20% and at the same time, we found out that our refinancing was done in the most inflexible manner - were were stuck.
This was a MASSIVE problem. We spoke to the bank, our lawyer and the home builder and they all told us the same thing.
If we didn’t come up with over $120,000 in cash to close on our new home in the next 3 months, we would lose our new home. On top of that, the builder threatened to sue us if we didn’t follow through on our commitment to buy the home.
Panic set in. I stopped sleeping. My wife and I couldn’t stop crying. How on earth had we ended up in this situation even though we thought we covered ALL our bases? We had asked all the questions and done all the math, but one mistake was about to make us bankrupt!
After looking at all our options, we had one choice - make $120,000 in revenue or lose everything we had worked for in Canada. Nobody was going to save us.
So I went into overdrive. I helped my team at work close every single deal that was possible so that I could maximize my commission, I signed every brand deal and client that I could accept, worked into the late hours of the night, and trained as many people as I could.
All of this while still working my full-time job and trying to stay present for my family. To be honest, there were multiple nights when I woke up thinking I was about to die. My heart would be racing in my sleep!
But a few months later, we miraculously closed on the house. Those were 3 of the most stressful months of my entire life and I never want to experience that level of stress again.
Me and my wife holding the keys to our new house
I’ll share more about this story and talk about how I used LinkedIn & my side hustles to save myself from essentially going bankrupt during my masterclass this Saturday. April 6 at 1PM EST.
Talk soon,
Tobi
p.s. we are almost at capacity for the event.