???Hi Everyone , thank you for having me on this site. I am in need of some advice. I am trying to turn my Financial life around and I have always been interested in REI, but have never pursued it. Until now, ???I know deep down inside this is what I need to do. This is my only opprotunity. I am starting from rock bottom, I make just enough to cover my monthly expenses ( 50-60)hrs a week. I am not able to save much of anything. When I am not working I am Reading every book on REI that I can get my hands on. I just dont know where to start , with the position I am in. I am hoping someone out there can relate , and has been in the same situation. Any advice is appreciated! My location is Western WI.
well i can give you my 2cents.
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Identify your goals (easier said i know)
Take your time. Write them down a few times. -
Identify what resources you will need (credit score?cash?broker?agent?exchange group…etc)
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Develop a plan and pick your tools. (pick a vehicle or set of vehicles(subto…buy and hold) to get you there. Keep this within your geographical and psychological comfort zone to start.
Recognize that you will need a realistic time frame (not 90 days to riches)
Be ready to feel lost and hear negativity from others including familly but keep taking steps to get your farther along in your plan.
Every week take inventory of what you have done so far so that you can see progress.
keep educating yourself.
One more thing. Why not call a few sellers, go out and look at a few properties, using the techniques you have read about, knowing that you are doing it to build your confidence and have a little fun with it and never…never give up.
Thank you for your 2 cents. I appreciate that alot ! I do feel lost alot and do get a lot of negativity from people I thought would support me. I have so much ambition but Im looking for a way to direct it, before I lose it. I am really looking into OWC Financing. What kind of insight can you give. I am going use your advice, thank you! I forgot to mention my credit is shot! But I am slowly repairing it.
Hi guys! NOMORE925…well said! I am happy to hear you are doing well.
Leverage. There are a lot of things you can do; however, I am going to give you a couple that are easy to do and things you can do to get started right away.
NOMORE posted a topic : QUESTIONS FOR MARK SAENZ…read that it will help.
I recommend you start bird doggin for now. Look for deals and then find someone else who can do the deals and you get a fee for finding the deal. Your fee??? Whatever you think is appropriate.
Secondly, I recommend using a lease-option and becoming a tenant-buyer. Now a lot of people will tell you to do something they have never done before…I try to never recommend anything I haven’t done myself. Here is how I used this technique:
I was new to an area and didn’t want to have to get a loan on a house. I found a prop I could lease option. I put $2500.00 down which was from a credit card I had and locked in the purchase price. This 2500 also went towards the purchase price. Now the house was livable, but a handy man special. Perfect because it was under market value. I was single at the time and put two roomates in the other 2 rooms 450 each for rent. 
there was 900 a month in rental income and my rent was 1100. So 200 a month was great for me! I fixed it up a little…new carpet, paint and I retiled one tub surround(.Maybe another 3K or so) and then had it reappraised. It came in at 30K over what I had under contract for. Then I went and got 100% financing. A couple of months later I refied and pulled out 30K. Less than a year later the property was up over 100K.
If I were you and being in WI…you can probably find a deal where you don’t have to put anything down. Still lock in the price and just come up with a feasible rent.
Now, getting the loan for the house will be an issue if you have a credit issue. You could sign the contract and or assigns and try to assign the option for a fee. Or you could work on cleaning up your credit in the mean time. Learn the lease option. Now, I am kinda tired right now, so if any of that doesn’t make sense, just email me and I will help you out with it.
P.S. I am by no means telling you to do this, I am just letting you know what you can do. THERE! THAT"S MY DISCLAIMER!
Thanks for all the advice. It means alot to me. Best of luck to all of you! The sky is the limit!