You know bobo you and Henry Ford both say it best at the bottom of all your posts
“Whether you think you can, or whether you think you can’t, you’re right.”…Henry Ford
What a great question…
I’ve been addicted to the idea of investing in real estate for years, and have spent a small fortune on books. That said, there is still a lot that I know I don’t understand, but that isn’t what is stopping me. Neither is our heavy credit card debt load (I was really stupid in college, and even more stupid in my early 20’s… a whole 'nother story!).
My reason for not starting is that my husband is not interested in REI, much to my chagrin. I am a stay-at-home mom, and the only income that I earn is from the sale of my handcrafted glass beads and jewelry (that money is used for glass/jewelry supplies and to pay down my credit card bills). I want to some day be able to create those things just because I love to, not because I need the money.
I have to confess that I’m more than a little frustrated at the dichotomy between how my husband and I think about money and investing, and planning our future, and I’m quite worried about what will happen in about 30-35 years when he’ll be thinking of retiring.
I would LOVE to be able to live only on rental income someday, but I think that the problem is that my DH is worried so much about bills (we live paycheck to paycheck) that he is afraid of moving in REI. I even have a heck of a time getting him to increase contributions to his 401(k).
I wish I had known about REI in my college years, and I’d have started then. Now, I feel that I really can’t just go and do it without DH’s agreement and participation. I am really working hard on trying to convince him its the smart thing to do, but unfortunately, he’s not much into reading books unless they are tech manuals :-\ . I also talk alot about REI to my parents, hoping they’d partner with me, but Dad is about ready to retire, and they just aren’t interested in starting something “new”.
One of these days I WILL get started!
I’ve thought a great deal about getting more into this whole thing. We bought a four bedroom for our family, so now we’re sinking $ into that mortgage, and don’t really have much left over after $ going into the mortgage, Roth IRA, savings, ED IRAs for four kids, and to top it off I’d hate to get into financial woes and have the military decide that I’m unfit for service due to my inability to keep my personal finances in order.
I guess my biggest reason is loosing a career if I extend my finances too far out beyond my means and then get stuck. I mean, I can cut back Roth IRA, savings, etc and have that $ go into properties and probably make more $ doing so… heck I could probably even meet Rorth IRA max deposits every few years if done right, and still have $ left to continue investing.
Where to start is a key too… I’ve looked at new homes, old homes, vacant properties, etc. Trick is I’m not sure which is better… buy an old home with a low mortgage, rent it out to folks (absorb their damage costs), etc. Or buy vacant property and wait for it to appreciate a bit.
Guess a second job could bring extra $ as well, but where would I find time for the investment research, looking, etc.? HMMM,
Any ideas, suggestions?
As a person who has lived 2/3’s of my adult life paycheck to paycheck, and most of it with tons of debt, I am more scared of staying this way then to try something “different”. After years of struggling, I finally have had enough, and I will never just “settle” for getting by. I don’t have anything to lose trying real estate investing. If you live paycheck to paycheck like I have most of my life, have a lot of debt, bad credit, not much money, etc…I wonder what there is in this list that you can lose? I’d like to lose the whole damn list…and that is exactly what I plan on doing.
In the past, I have made excuses for too many things in my life. I may or may not be successful, but I know I won’t just settle for the same bunch of nothing that I have right now. And I have always believed if someone else can do something, then I can do it too. I know it will require a lot of effort on my part to succeed, but I know one thing, if you want something bad enough, you won’t get it if you don’t try.
And one more quote I really like…not as much as the one at the bottom of my posts, but like it just the same, “successful people fail more than failures do”. I don’t know who the quote came from, but it’s true.
I’m shocked! I only skimmed, but I didn’t see…the…the…the dreaded ‘Housing Bubble’ as an excuse.
We’re reading it here with more, and more frequency…"better sell…the Bubble’s coming…then you’ll be sorry…you ‘Real Estate Maniacs.’ It’s like a bad bedtime story parents tell their children…if you don’t behave…the ‘Housing Bubble’ will get you. We had a clients high school aged daughter the other day ask her parents, "shouldn’t we wait until the housing bubble’s over? Their name promptly made the bottom of our list.
Since I first started hearing about a supposed ‘Bubble,’ I’ve known people to begin investing who’re well on their way to retirement. Half a decade’s passed since CNBC first raised the possiblity of a Housing Bubble which was said to soon be following the Stock Market Bubble. They cited (and continue to cite) a myriad of reasons.
When people can make fortunes by ignoring Bubblonians…then we’ve got to ask ourselves if those spouting Bubblese for so many years can really be considered serious experts any longer?
I say, ‘if you’re standing on the sidelines waiting for something that may never show up…you can’t get in the game.’
-Infowell
Me to infowell THE BUBBLE BURST I think on order to be a good investor you have to see the bottom falling I even saw a post back a year or so ago that asked why are gurus not teaching about the bubble let me let you in on something I THINK MOST GURUS DO NOT DO THAT MANY DEALS! DONT KNOW ABOUT THE BUBBLE! When rates go up and you start to see more properties on the MLS worry and keep buying when you see rates go down and Properties selling in two days SELL! Another clue areas that are dropping in price KEEP BUYING the number one reason people move is cost of living and when more people move to an area what happens to the price of a house??? SUPPLY AND DEMAND
REO-
Good points.
I’m beginning to notice that some of these areas reported by the media to be ‘Bubble’ candidates–are showing a marked DECREASE in residential building permits.
This, however, IS NOT a sign an impending bubble is about to burst…on the contrary…there’s still high demand & relatively short supply in these areas, and now there’s going to be fewer dwelling units built.
-Infowell
Never thought of it that way! I will check the permits tomorrow! WOW
Hi Tedjr:
I couldn’t finish reading all the posting, because is too late and I have to get up and go to work early tomorrow
:(, but I am definately coming back to read all of them, this is great.
I am afraid of quiting my job :-
I don’t know where to go for money ???
I have not been able to find a place where I can check for comps or appraisals >:(
As you can see I still have a long way to go, but I am so anxious to start doing it. I don’t care what I do, flip, buy and rent, anything. I am a property manager and I am willing to work.
All I need is a push and some guidance ;D
Thanks a lot
I ve read through the posts. I fall under alot of them. I think my biggest fear, is fear itself. I fear failure. I am soo, new to this. I don’t even own a house. I just decided to do it because my brother wanted to (he’s 19). We took a course, we have set up an S Corp. We have looked and looked for properties and seems everyone wants top dollar and can’t really get a motivated seller.
I’ve read. Everyone seems to be negative about the money. I do not want to ruin my credit becasue of this.
I am a teacher and make very little money as it is.
I am so new and don’t know as much as I should. I can’t stand being on the spot and not having a reply. Lord knows that I have read enough.
HML’ers want everyting including your show size. I was talking to my brother today about it. I do not want to give out all of that information. I mean is it really necessary?
I am waiting until I can get a free Satellite dish with my purchase 
Seriously though, no excuses here. I have been in business too long to make them. Like Nike says, Just Do It.
There will always be obstacles in the way. If you are waiting to be smooth sailing, you will always be where you are right now, or worse. Progress involves both risk and work. Very few people wake up one day and win the lotto or inherit a fortune from a deceased friend/relative.
As to failure, you only fail if you quit. Not everything you do will work. I have started up many businesses that just did not work. Normally my timing was way ahead. That is just part of succeeding. You have to try.
There are many ways to make money in the RE out there so if one seems way too hard, explore another.