You know, one of the weird realities of life is that this statement is actually pretty true. No one ever knows it all, but some people just put their head down and bull their way through obstacles making mistakes along the way. I am a farmer and this made me think of another farmer who went huge farming. He was operating on about 360,000 acres at the peak, leveraged huge and it crashed on him. Most little guys laughed at him for all the mistakes he made. What they forget is that after everything shook out, he still ended up with about 90,000 acres under operation. Not bad for someone who just did it and made a bunch of mistakes!
My life is stable, a lot of this is old charges from years back that I’m working on paying down. Currently paying down around $1000+ a month in debt and making good strides on getting it paid off, it’ll just take me a little while longer to get it paid off.
"old credit cards from years ago… " ya… behavior! You let it revolve, interest accured. Behavior. Now you’re motivated to pay it off to get into rei, but if the old behavior isn’t addressed, you’ll be right back into it, but with much larger sums of money.
Readings for you: The Millionaire Mind by T. Harv Esker, Attraction Factor by Joe Vitale, and the business coach by Brad Sugars (he has several titles)… Learn about money, your reaction to money and managing it well, put systems in place in your business, rei or other, and let the business work for you.
Rich, Danny makes a great point about doing some deals. If that doesn’t appeal to you, have you considered something outside of REI to generate cash? Ebay, network marketing, etc.?
Listen, this thread isn’t about my cc debt. That was mostly from some pretty damn hard times and I’m paying it all down now. Point of this thread is about making money IN REI now now ebay or other ventures. Please keep reponses to that, the other stuff is irrelevant.
Rich, I think Danny meant that you should make Wholesaling your new part time job, instead of the 2nd job you have now, using the experience to learn and put cash in your pocket quicker.
Your part time job probably pays $10-12/ hr. It sucks up more time than it’s worth, albeit probably very necessary for your CC debt at the moment. I’d work on phasing that out completely ASAP. Any idiot (even you) can find properties, get them under contract, and assign them to someone else. It takes me about 2 hours to find a property via driving around, probably a grand total of 2 hours to find, contact and negotiate with the owner, and 2 hours to sit through a REIA meeting and get some business cards of investors to assign the contract to. For 6 hours of your time you can EASILY make $5k. Unless your stupid part time job is paying $830+/ hour, your spending your time on the wrong things.
P.S.- I was kidding when I said you were an idiot. Don’t edit it, it’s kinda funny.
Rich, I assume the obvious, you’re in Conn. Try running some classified ads in small town newspapers. They’re cheap and you would not believe how many people read these things. Next… The ad… Wanted estates. Buying whole lots, furniture, contents, cleanouts, one call takes it all. cash paid! 555-5555.
Now here’s what you do next. You don’t have the time to deal with this stuff but there are lots of people out there who do this for a very nice living. Talk to some of them and tell them you have a connection that gets you these properties. Most antique dealers will be thrilled to pay you a finders fee of $500 or more for the chance to grab this stuff. The best part is your location Conn. is LOADED with these types of homes. This is also a beatiful way to find properties. Your dealing directly with the owners or their heirs, let them know you’d be happy to work a deal that puts them in touch with a buyer. This can really work well but does take a little time to get rolling. Once you do though it’s a machine!