Dude, don’t insult people please. Feel free to give your opinion without insults.
Don’t bother 
The fast riches promises in Real Estate makes people overlook the fact that it is a business and should be ran as a business. There is this perception that “zero-down” and “you don’t need money” really means you don’t need money and anyone can jump in and make 10s of thousands.
We’ve witnessed it in the .COM Boom when everyone thought they will get rich by launching a website, in the stock market where people thought they can buy stocks at $1, they’ll make 100 times profit in no time, and in Real Estate in jumping in with no money and becoming filthy rich.
Very few people/companies survived the .COM crash, very few people survived the stocks crash, and very few people will survive the Real Estate crash (reality has not hit many yet).
Those who survived did not survive by luck or chance. They had sound business model and great business minds.
Yet people still believe since McD can make money selling burgers, if they open a mom&pop burger joint they will make McD money.
The way I look at it is that if you have not been successful in another career, with bad credit, with debt, then what makes this industry the better choice? doesn’t mean someone won’t make it big, it just means the odds are against them.
Ok I apologize didn’t know you quoted him and yes most of us really didn’t read his post thoroughly and after reading his post again yes he should save his money.
I though he had extra 800 but guess that wasn’t the case so again my apologies Hooch.
Hooch: You really need to pay attention to what he wrote
When I first wrote it I really thought I made myself perfectly clear I was going to use my credit card, which I decided not to, but everyones advice that was giving HERE is great information. Even though SOME of the information would have put me deeper in the hole it would have benefit someone else to know about that THEY can apply it in their lifes besides me…so I don’t think it was CRAZY advice one bit. Sure they said it but the way I see is that I’m the 1 who makes the decision on what advice to take on, I am just grateful someone took their time and expertise to say atleast something. AND I’m not saying your advice wasn’t acknowledged, in fact yours (Hooch), and StreetCopMillionaire are the ones I am leaning to. Just being feeling like THIS year has been the hardest for me and my wife ( who gave birth May 30 to a beautiful girl) :shocked financially. which is the whole reason I poped this question, and after some roller coaster events in my life I decided to look for a part time job ( :anon no luck), search on craiglist, work on my contracts ( no clue what I am doing), and jotting down #'s to call.
Simply put Aaronwilliams123456
Forget spending that $800 and focus on finding deals using your time.
Well said.
fadi:The way I look at it is that if you have not been successful in another career, with bad credit, with debt, then what makes this industry the better choice? doesn't mean someone won't make it big, it just means the odds are against them.
The odds are stacked against me but I’m not stopping. :smile
Good idea. Don’t stop, just don’t spend your money that you don’t have. Start doing things in a financially responsible way. You will succeed if you keep pushing. Remember, it’s two steps forward and one big kick back. As long as you keep moving ahead you will get there.
As far as the I have no clue what I am doing stuff goes, read the posts, continue to ask questions. You will know exactly what you are doing if you learn. You have to get through the learning curve first.
If you have Dave Ramsey on your radio there you should listen to him sometimes. He is not right on everything but for the most part it is good solid financial advice. He would be telling you right now to get a second job delivering pizzas or mowing yards. You do have a push mower or a car, right?
Getting on your feet with a couple thousand bucks to spend is key. Again, what were the reasons for the income problems that you are presently experiencing?
If you have Dave Ramsey on your radio there you should listen to him sometimes.
Ill look him up, sounds interesting.
Again, what were the reasons for the income problems that you are presently experiencing?
WELL, I’ll just mention a few income problems because I don’t want to give out to much of my personal life, if thats ok. The #1 right now is BILLS, what kind of bills? Car, insurance, phone, rent, utilities, and credit cards. Those I can pay with only the money I make at work, and I’ll be left off with 150 or less dollars at the end Usually less. Which I’ll spend on gas or food. #2 Before my wife gave birth a week ago, she has been going IN and OUT of the hospital because of her gallstones. I’m guessing like 12 or 15 times she went. Which my insurance doesn’t cover all, and they are not all the same amount… from 10 to 340 dollars each one so I have a stack of bills from the hospital :banghead Also, she lost her job.
Our plan: stop paying for her car completly, we signed up for financial assisstance so the hospital pays off the bills ( we are crossing our fingers), and I differed my payment for the car for 1 month only.
I believe we will get through this, times r tough. Plus we are young enough to rebuild her credit later on.
Well, don’t listen to Dave Ramsey when it comes to repairing credit because he doesn’t know what he is talking about but you should consider listening to his show and possibly calling in. Most of the show consists of people calling in, telling their financial condition and him giving them ideas and help on what they can do. If you don’t have it there on AM radio you can listen to it on the internet live. http://www.daveramsey.com/
$150 per month to live on beyond bills is way to little and you need to do something to actively fix this situation. I know exactly how it is. I spent money like crazy and racked up the credit cards in college and screwed myself over royally. It took a long time to get back up but fortunately I learn from my mistakes and that has been to my benefit today.
Last December, I wrote an article on my blog (http://reinvestors.wordpress.com/) called, "The “It Factor.”
It’s important to know if you have the “It Factor” before you even begin worrying about starting with $800 or nothing.
Some people don’t really belong in real estate investing to begin with.
No, it’s not an exclusive club and everyone wants to get rich in the business, but, why do something you’re only doing for money. If that’s the only reason you’re in it… you will fail.
But if you are going to decide to do it, make sure you’re getting the volume of “motivated sellers” you’ll need to get deals. The REIM Letter Series are one of the best ways to get motivated sellers.
*** Link deleted (fadi: I’m fine with the first link as it may pertain to the topic, but this link is pure advertising. You even included a testimonial below) ***
One guy got a 400% increase in motivated seller responses. Now, someone else will have to tell you how to get rid of the other $733.00!
I would then get an 800# call capture system to place on the bandit signs. So the bandit signs could sift and sort the prospective leads for you all day long.
Hi Victor,
I think these $800 dollars very important to you. You should put it into investment or save it. This money helps you in your future. You can invest this money for new business. I hope you should trying to best use of this money.
Source of the $800 notwithstanding, here’s what I would do. I would buy a good list (non-owner occupieds, probates, free and clears, etc) and 500 “yellow letters” to mail to them. You will get a 10% to 15% response rate. If you elect not to use an answering service be warned that your phone will blow up so do not mail them all at one time. Also most calls won’t be deals. However there’s a good chance you’ll get some decent prospects in that bunch.
what to do with 800 dollars??? Give it to me or give it to the poor??? i rather give it to the poor…HAHAHAHAHA…NAhhhh I’m just joking…buy preston’s course( or eric medemars or any guru you want) and do what he says there…