Man who lost £1m in property and made it back

TUNDE OYEDOYIN

Tunde Oyedoyin is a London-based personal finance coach and founder of Money Intelligence Coaching Academy, a specialist academy of personal finance. He can be reached as follows: +447846089587 (WhatsApponly); E-mail: tu5oyed@gmail.com

When leaving home on the second Saturday of April, I told my son I was going to the Property Investor Show (PIS) at the Excel Centre and should be back in the house around 2pm or thereafter. Reason being that I had a meeting lined up from 4pm at Essex and I wanted to get back home and still put my feet up before checking out to the meeting.

But shortly after getting to Excel, I was faced with a dilemma and had to tear that script. The reason was because of the opportunity of a masterclass that landed on my table.

It came about when the first gentleman that spoke to me said, “you must not miss this seminar,” and that “our founder is going to be speaking” then as he pointed to the timetable of seminars in front of Theatre 3. The seminar was titled: “How I lost a million pounds in property and made it back”. The first question I asked was if the founder was there on the ground. Not only did he say ‘yeah,’ he pointed to their stand which, thankfully, was just behind us.

Since yours truly had never been at a stone’s throw away from someone who lost a million pounds in property and then made it back, I knew I had to put my bum on a seat there and take this rare opportunity of a masterclass. However, the seminar was last on the timetable and was to come up at 3.30pm. He told me the founder, Michael Sacks, was then going to speak for at least half an hour. Boy oh boy! What was I supposed to do?

It didn’t take forever to figure out that I was going to be late for the meeting in order to hear Mr Sacks. The minor issues of not having a socket and charger on me were tiny matters. As a matter of fact, there was a shop on the premises where I could buy a socket and cable for my phones. Though I had some at home and theirs was slightly more expensive than you could buy outside, that didn’t matter either. I just knew whatever it was going to take to not miss the seminar, I was more than happy to pay.

With that sorted, I quickly sent word to my crew, letting them know my schedule had changed and that I was going from Excel to Essex.

As an aside, I even mentioned the seminar to a former course mate and her friend and to another couple I met there. Tell you what? The time eventually came and Sacks mounted the podium.

Among the two takeaways to leave with you is that he took advantage of opportunities to acquire properties and then flipped them for good profits. More importantly, when he lost his fortune, he took the lessons on the chin and learnt the valuable lessons. He didn’t disappear from the surface of the Earth.

One final lesson he mentioned, “don’t do personal guarantees for business loans . It’s a no, no.”

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