Tarek El Moussa faced a devastating career low before finding fame. The HGTV star was once a real estate millionaire in his early twenties. He lost it all when the housing market crashed.This financial collapse forced him to completely change his business strategy. According to Reuters, the period was a precursor to the Great Recession. His decision to pivot led him to house flipping and eventually television.
El Moussa described driving luxury cars and living in a million-dollar home. He was king of the world at just 21 years old. His success in real estate was immense from 2003 to 2005.Everything changed in the summer of 2006. His property listings stopped selling. He saw early warning signs that others ignored.He recalled inventory in Orange County spiking by 84 percent. He warned everyone he knew that the market was turning. People dismissed him as a stupid kid who did not know what he was talking about.By the following summer, his fortune was gone. He sold his expensive home and his cars. He moved into an apartment with a roommate.
Struggling financially, he decided to try flipping houses. He called everyone he knew to propose the idea. Every single person told him it was dumb and too risky.Their doubt only made him more motivated. He finally called a millionaire named Pete Debest. Debest agreed to fund the flip if El Moussa found the property.Their first project was a success. Two months after buying the house, El Moussa had a check for $34,000. That check felt like a miracle after the financial ruin of the recession.This success gave him the confidence to pursue a television show. He pitched a house-flipping show before he had much experience. HGTV offered him a contract for 13 episodes just two weeks later.The show, "Flip or Flop," became a massive hit. It ran for ten successful seasons. His risk-taking paid off beyond his wildest dreams.
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