Please Help I'm Desperate!!
Please help I'm desperate to get out of my financial situation. I'm barely getting by each month. I still live at home paying off college (a degree in marketing) which has not helped me a bit since I graduated. I've worked in the past for two mortgage brokers with poor images and while I'm knowledgeable about details I'm scared spitless about starting I do not have two pennies to rub together much less buy some course to let the author get rich off of me. I cannot rehab a house for I have no time I work all the time just to pay my loans each month and not default. please help I heard I could flip properties to rehabbers how does this work and is anyone available to hold my hand!?!?!?
flatbrokeandbusted 
I'm a newbie at this too. My suggestion to you would be to READ, READ, READ.
Don't expect others to do for you what you are not willing to do for yourself.
Best of luck to ya!
If you have absolutly NO money just make sure you do NOT enter into ANY deals where you cannot perform or have ANY liability.
This is easier said thatn done so...dont start there start with step ONE.
STEP ONE) I would set myself up for living on 80% of my income to start saving. With no excuses. Take advantage of living at home and save what would normally have to pay for market rent and utilitys for a few months. That could ad up to alot over time.
Read the book the millionaire next door.
Check into an REI club in your area. Meet some folks.
_________________
B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)
"Most american millionairs today (about 80%) are first generation rich"[ Edited by WheelerDealer on Date 01/17/2004 ]
I suggest you stay at home, keep your job
and work night and weekends until you get out of the situation you are in. You have to do what you have to do, so you can do what you want to do!
In terms of educating yourself, I would recommend Ron Legrand. There are some courses on here that are at liquidated prices and very cheap. As
mentioned above, join an investment
club, network with other investors and
learn all you can.
In term of flipping properties. It is not as
easy as it seems. Read the article titled
"Driving For Dollars". It would definitely
help you.
Best Riches
Jeffrey Adam
First of all, let me congratulate you for seeking a better way and asking for more. To me that the first and most important step. I would suggest using this and other free sites to read as much as you can about rei. There is enough information available free that you do not have to pay for it if you can't afford it. Evert type of rei has its own cash requirements, risks and body of knowledge associated with it. It's your job to find out where you can make the most money with the skills you possess. Then, I would suggest birddogging to start your rei career. It will give you time to learn with limited risk and you can make some extra income at the same time. But whatever you do, make an informed decision and move confidently towards it. Time is your most valuable resource so don't waste it in fear. It won't be easy but eventually you will start to see the rewards of your efforts. Just my .02
Good Luck!! <IMG SRC="images/forum/smilies/icon_biggrin.gif">
[ Edited by results_one on Date 01/17/2004 ][ Edited by results_one on Date 01/17/2004 ]
The education to do this is cheap, if your willing to pay for it in time and effort.
Don't forget about your local library too.
Stay right where your at, read, read, read.
Learn to use the search, there's not many questioned asked that have not already been answered at sometime or another.
Best part about this site is, you've got a couple hundred, if not thousands of very knowledgeable experienced REI willing to help for free if you get stuck or need a specific question answered.
Hi,
Is there a possibility you can get a 6 month deferment on your loans? This would give you the break you desperately need. It would also free up some time for you to rehab.
The other thing I might mention, is time management. it is tough to learn at first but it is an invaluable tool for busy folks.
Hope this helps.
Respectfully,
Barbann[ Edited by Barbann on Date 01/17/2004 ]
I agree with 'results_one', in that you should try bird-dogging. You can do that to learn a lot about real estate, (and make some cash), while you are still working and paying down debt. Tons of good reading on this site for bird-dogs and also recommend checking out the bird-dog forum.
Good luck,
Noel
[addsig]
ok, i'll take a slightly different approach. if you're really "flatbrokeandbusted" and "desparate" to get out of your financial situation, maybe you're at the point that i'm very familiar with.
think about how much risk and pressure you can handle (financially and probably emotionally) and buckle in for the ride. if you think you're not scared to try to pay for a mortgage (or just interest) every month while you're trying to find a tenant or buyer, then step up and try the new pants on.
read, read, read on here for free. learn, absorb, ask questions, read, absorb and test yourself. look for homes and do a mock purchase. once you feel like you know enough to get thru it, reach back for that "risk" and try to make some offers.
if one gets accepted, you probably offered too much anyway, but still - try to sell that contract or try to get a [hard money] loan to cover it. use cosigners, friends, family, friends of friends, whatever you have access to. if you fall on your face and can't make the closing or assign the contract in time, then you failed this time. you'll learn a lot, maybe burn a bridge with that seller, but you'll be wiser for it.
next one will go smoother. eventually, if you don't get the beaten horse syndrome, you'll come back stronger than ever!
just my take on it. this isn't advice from a pro, this is what i'd do (and have done) in your situation. good luck!