Where Do I Start?
I am a 35 yr. old male in NYC wanting to start a career in R.E. as an investor (and eventually as a developer) but how? I have no savings, bad credit (as of 2003), and a hunger for financial freedom & passionate living. I've read & listened to books & tapes on self-transformation & I am very serious about getting a thorough, hands-on education in R.E. I've been told the best way to start is wholesaling/assigning contracts. I have major & minor goals and this is my first (or second?) step in my journey of a thousand miles. Any advice/suggestions?
Reading is great, but you will also need to work on you. You will need to work on your credit. You will need to work on the reason why your credit is bad. You will need to work on saving money.
The only way to do any of the above things is to change. People in your position should really start by sitting done and making a finacial plan for themselves. Most people don't realize Investing is a big move and can take up a lot of free time.
Many years ago I wanted to do this, so I sat done and planned a five year goal. This included everything from when to buy a car to when to take a vacation. But I was serious and it worked out for me. I have seen many people make it and many people file BK's and even see forclosures. But I stuck to the plan. Being able to live way below your means is the first thing I became good at doing. I even gave up nightclubs for one year when I was 23. My first goal was to be able to retire at 45. I probably will be able to retire actually whan i'm 40.
So set up a financial plan that will allow you to save money and pay off your debts within a reasonable amount of time.
Find a REI Meeting near you and go. Watch what the winners did to become successful. But also find out the mistakes they made and try to avoid them
Good Luck
Lori
[addsig]
Thanks for the wise counsel. I am a work in progress and realize that I must first change the way I think (about myself, money, etc.) which was the cause of some ill-advised choices I made.
I have my goals written out but I just need to forge ahead in spite of my fears.
Thanks.