Tarek El Moussa didn’t hold back when speaking on the current need for “real reform” in the real estate industry. In an Instagram video shared last week, the HGTV star even touched on his own humble beginnings in the industry. Unfortunately for the investor, when he was maneuvering the world of real estate at a young age, he wasn’t equipped with the tools he now has as a veteran in the industry.
“Before the Great Recession, I was a 22-year-old realtor who had just come from a job delivering pizzas. Somehow, I got approved for a loan on a nearly million-dollar home. No assets, no real income, no experience. Just a signature,” El Moussa wrote in the caption to his post.
He went on to explain that this life-changing moment opened his eyes to “a system that was broken to its core.”
“Pressuring buyers into houses they couldn’t afford with loans they didn’t understand. Fudging bank statements instructed by people working in the bank, so they can pass compliance. The fraud was everywhere,” he shared in the video.
El Moussa then shockingly revealed that when he was 22-years-old trying to get a stated income loan on an $800,000 home, his lender suggested that instead of adding pizza delivery driver to his application, he add “catering service” to improve his odds.
A number of people in the comments applauded El Moussa for his transparency on the issue.
“I really appreciate you being real about the journey. It’s not all glitz and glamour. You guys worked you 🍑 🍑 off to get where you are. 👏,” one person wrote.
And then, there was one follower who offered this grim warning: “We are in a much much dire situation right now. Much worse.”
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