Plan to not fail.

General Real Estate Investing
81

Mike,

Just confirming your numbers. You are saying that the property cash flows at $200 per month if you self-manage and do the repairs. Otherwise, outsourcing management and repairs reduces your monthly cash flow to $100.

Do I have it right?

82

soholingo, i think too much of your time is wasted analyzing where you’re at and where you’d like to be. That stuff is good, however it is the physical act of doing that gets you places. you honestly talk too much. a good credit score and $100k are meaningless if you never go out and buy a place. stop revising your goals and start making some progress!

83

Soho,

    Here is what I suggest:

  1. Get disciplined with you finances. That includes saving money and fixing your credit. Do nothing else except education.

  2. Read " The Millionare Real Estate Investor" by Gary Keller and " The ABC’s of Real Estate Investing" by Ken McKelroy.

  3. Devise a goal and a plan to achieve it. Those books are good at guiding you to do that.

  4. Assemble a team to accomplish your goal. The books help you do that too.

  5. Start looking for your target properties.

  6. Buy your first property.

  7. Wash, Rinse, Repeat.

  8. STAY FOCUSED DANIELSON!!!

    This is turning into " The Neverending Topic" :biggrin

84

Just checked my credit score, and its back up to 665, just 5 points off the high I had a few months ago, which means when I pay off these last open items my score will be VERY close to 700. Thing that pisses me off, is this fiasco will cost me a year and probably 20k in savings…

85

Thought I would report an update:

Well I have sold all of the computers I bought as an ‘investment’ and took a loss on all of them. But I feel better now that they are gone.

I bit of introspection:

I was really on a streak a few months ago, it felt like money was pouring in and I could do no wrong. Now my situation is only slightly better than it was before I started. Why is that? Well I looked at what I was doing back then, and the big key seems to be to have cash. Not a lot of it, but just enough so that I know I always have that little bit sitting for me. The bank numbers don’t seem to do it for me, and as such when I keep the cash in my pocket low, I don’t make any additional money.

After selling the computers, I kept the cash I received, and rather than have it just ‘slip away’ like it would have had I put it into the bank, I kept it. And almost like magic, it has grown. And the ideas about money are coming back, etc… So I learned something about myself, and I guess that’s worth something.

Everyone is getting paid on time, my 401k is maxed, kids are getting their lessons, and slowly I am able to save some money.

Sometimes you have to sit and wait, and I guess that’s what I am doing for now.

j

86

How about an internet based business. You don’t need a product to sell, you can market information, or referrals. Every site I see has Google ads. I am sure Google pays these site owners every time a visitor clicks on one of the ad links.

Once you set up a site, the site makes money for you while you sleep.

87

Anything is open, I have finally realized the RE is just one part of the financial picture. But to really have that picture come into focus you need cash. So that’s what I am working towards.

jay

88

Actually it’s THE LOVE OF money is the root of all evil. But I feel where you are coming from.