Advice Needed?
I have recently become unemployed, and don't have a great deal of cash on hand. I have no debt other than my home and there is approximately 50,000 in equity in it. My credit score is 697.
I am interested in short sales and wholesaling. Am I a candidate for this type of investment? I need direction here. : )
Everyone is a candiate even if you have no money. Poke around here on this site and read all of the items and see for yourself how people are doing it and how it can be done.
You already seem to have a pocket of cash for investing but a little knowledge will even further your career.
Good luck!
schallerp,
More than the advice, I needed encouragement, and I thank you for that.
I am looking around this site and I see some great success stories. Is there a mentor program anyone would suggest. I bought John Beck's material, and I received a call from one of his guys, telling me they would mentor me thru two complete sales, guaranteeing me profits from the short sales...basically showing me "how to do it"....and all of this for the meager price of 6 to 10 grand up front. The things he was saying completely went against the grain of everything I've been taught about credit cards. The fact remains that either a equity line of credit or using an open credit card will be the key for me to get into this business. My wife and I have spent the last four years getting out from under those exact sources of debt, and now, I'm staring in the face of obligating myself to more of the same. Any wonder why this scares me? I'm willing to go out on this limb, but are these my only alternatives? Any suggestions will be greatly appreciated.
Try wholesaling property to rehabbers for an "Assignment Fee" or acutally sell property to them for more than you paid at a "Double Closing". No liability except for earnest deposits that do not need to be more than $10 in most states.
This type of REI doesn't require your money or credit and, quite honostly, does better without it (even if you have plenty to spend).
hope this helps,
clear2close
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