When in trouble, buy something

By Bruce Firestone | Uncategorized

Oct 17

Rod Bryden, the 2nd owner of the Ottawa Senators (after me) told me this 25 years ago, “When I’m in trouble, I always buy something.”

Most people think if they get in trouble, sell!

But Rod is a financial genius, so he did the opposite.


Because if you have decent credit and credibility, you can always talk your way into a deal of some kind and each acquisition brings with it new opportunities–for growth, for refinancing, for mergers and acquisitions, things that’ll generate cash, and as everyone knows, 


It works in real estate too.

When I needed a lift after the Sens went bankrupt, I bought a townhouse no one else wanted with DOM, days on market over 300. How come it was on the market so long?

Because it was owned by a hoarder and, to say it didn’t show well, would be like saying the Titanic was an unsinkable ship.

I got it for $241,250 because I agreed to take it as is/where is. After it was cleaned up, it was worth about $395,000 and I could refinance it, take cash out (about $90k), et voila, I was back in business.

We use variations of this all the time–scenarios where entrepreneurs put in sweat equity and get paid for it with cash and project ownership too.

Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD, Ottawa Senators founder, Real Estate Investment and Business coach, ROYAL LePAGE Performance Realty broker,  1-613-762-8884 bruce.firestone@century21.ca twitter.com/ProfBruce profbruce.tumblr.com/archive brucemfirestone.com


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About the Author

Bruce is an entrepreneur/real estate broker/developer/coach/urban guru/keynote speaker/Sens founder/novelist/columnist/peerless husband/dad.