OfflineHey guys im new to the site...Dean's book and investing as well...I just finished Dean's first book and eager to start on his second. Yet i have a question. I have some debt close to 2,300 dollars that i am making payments to to get off. would it be smarter to get this debt payed off first before i start investing? with the little amount of money i make at my job it would take a little over a year to pay it off. but could i even start investing if i have this debt? advice from any and all would be outstanding...
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Doing as Dean teaches, you can invest with no/or very little out of pocket money. So, study, learn and invest as you continue to pay off your debt. No reason to wait, unless that is your preference. Good luck!
Those who kill time murder opportunity.
"Beloved, I wish above all things that thou mayest prosper and be in health, even as thy soul prospers." III John 2
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Your always going to have some debt, what you need to do is take action, to get rid of the debt you have. And there's is no better way then to start flipping some properties for some quick cask cash to pay off that debt, quicker then you can say, will you get the idea right. Start marketing building your buyer list, letting people know what your doing, taking action, is the way build a better life for self. Action+knowledge=$$$$$ in bank. Just do it, looking to read about your first deal soon, remenber your one day closer to doing that first deal, and closeing it and making your money, just do it, everybody as debt get over it and do something about, take action and go flip a house... good luck out there.....John H.
"Action and Mistakes" always-outweigh "Analysis Paralysis"
...Just do It"
http://www.linkedin.com/pub/john-hoening/23/2a3/164
"Action+Knowledge=Success....$$$$$$$$$.....
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in order to start making some deals. Read as many threads here as you can; there is so much great information and resources on this site to help you succeed-make the most of it!
DG's books are awesome, but for them to be effective, you have to take action!
Wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
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And order the yellow book up there in the top right corner.
I have $100,000 plus in debt and I've made $6,000 so far without spending a dime of my own money.
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well my credit is only at the moment 590...im in the process of fixing but does anyone think that that will hinder my ability to get no money down for a foreclosure without paying tons of interest?
Buy the $30.00 yellow book. You don't need money or credit to do it. Start out wholesaling.
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"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
I would suggest flipping houses 1st to get the quick cash you need to pay off (or down) that debt. Then make a couple wholsale deals to get a bigger piece of the pie. Paying off (or down) the bi8gger debts you have. This (Im assuming) will get you to financial freedom, the end result.
What's key here is that you also build your network, knowledge of your RE area, (most important) a buyers list, and build a stronger credit score along your journey.
Good luck and great success.
"Winners never quit and quitters never win."-Vince Lombardi
Rick
Rick Cooper Investments
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you want to put properties under contract and assign, or birddog... you don't need any money to do that or any of your credit...
if you don't understand, re-read DG's book again; it's all there...
wishing you success
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
ok thanks for all the advice! last quick question for all you veteran investors!!! for my very first investment would you suggest? im thinking a quick foreclosure into a flip...plenty in my area due to the fact i live in southern california..
ok thanks for all the advice! last quick question for all you veteran investors!!! for my very first investment would you suggest? im thinking a quick foreclosure into a flip...plenty in my area due to the fact i live in southern california..
Do you have the Proof of Funds and the earnest money needed to offer on bank owned properties. (foreclosed properties). Now if you are offering on PRE- foreclosure properties that is different. How are you going to find, evaluate and put either type under contract and who are you going to flip them to?
I would suggest doing an assignment on a contract gotten on a distressed, motivated homeowners property with no realtor involved as your first deal. Once again where and how are you going to find the property, how do you know it is a deal and who will you flip it to?
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
the town in which i currently live in is located in southern cali, now interestingly enough the current market in our city is down, which provides the opportunity for rentals, especially since there are a lot of foreclosures...yet i have noticed a lot of properties for rent but no one is biting? is it wise to take my chance at flipping a foreclosure or renting a property or looking in another town? the closest town is about 5miles away so its not a big drive on my part and the area is much more wealthy. as an interesting tip about 90% of the population of my city does not work in the city itself...bc its so small there is really no where to work...hmm thoughts and comments?