what would you do?

Question

hello BP.

i have been hanging around here for awhile now as a looker and there is some great information here.

that said, my goal is to be a succesfull real estate investor. not a big time one one that allows me and my family financial freedom. So  here is my question, i know enough about real estate to be dangerous.

From our tax refund we are getting money back. i need to use that money to pay bills that are in the rears. i also know that if i dont do something now next year will be the same as 2014. i cant live with that.

What would you do?

1. take the money and invest it in a quick turnover using real estate?

2. do as the wife wants and pay bills.

I dont know when ill get achance to have this kind of money in my hands that i dont have to pay back.

My credit is important to me, and is in bad shape i am working on fixing so borrowing is out.

i have sold everything that has value (except the dogs).

my plan would be to quickly find a wholsale deal that i can turnover within 7  days.

i am looking now and its tough finding the right deal.

thanks for any and all suggestions.

Levon Williams · Answer

well I have thought About this and I must ask everyone? When you started  out did you have all your financialsituation in order? The first deal that you did it wasn't easy  right. And did you have all the monies in place? I really feel like I can do this I don't know if this is out  of desperation  or what.

now for the real I have decided to pay all bills and to fix our credit and wait for the real estate  investing  I will still participate  in BP in gaining more knowledge While I get my  financials in order.

I thank everyone  who has given  advice.

if anyone  in the vegas area wants to work with me on investing please do not hesitate  to contact me.

David Martin · Answer

Another great resource is creditboards.com.  You can also do a goole search for "WhyChat credit repair" and "PsychoDoc credit repair." Using these 3 free resources, I managed to wipe my credit clean of over 18 negative accounts... including collections, medical bills and judgments.  I worked "relentlessly" at it EVERYDAY for 3 months.

I went from 19 baddies and ZERO positives to 1 small bad account and 6 positives.  So my testimony is that it can be done!

Travis Hamilton · Answer

I'm with your wife on this one.

Michael Slabitcher · Answer

Account Closed

Account Closed · Answer

In a consumer debt society, its easy to live beyond our means. I would say figuring out how to live inside our means is more valuable than success in real estate.

Make 2015 the year of paying off all consumer debt and learning how to live within your means (however limited that may be) and putting even $100 a month into a savings account.

And if you absolutely have to scratch the real estate "itch", do what @Michael Slabitcher

says.

Seneca Stephens · Answer

Credit repair should come first since bad credit will only make getting a loan harder.  If it's just debt that you know about and can get under control, use the tax refund to pay on those.  Just a suggestion cause I use it too, set up an account on Credit Karma so you can see what's damaging your credit so you can start the steps to recovery.

Elizabeth Colegrove · Answer

Trust me go with the wife!

There is no such thing as a "sure" think in real estate. Nor is it quick or easy!

Pay off your debts, get your consumer debt in charge and read this forum/blogs and watch the podcast (all free!) about way to get involved in real-estate with no money down!

Timothy Cervantes · Answer

Refocus to getting your credit in shape.  If you don't do that, any venture will will be difficult.  Not sure what bills you need to pay, but that is probably a good place to start because they have to be paid eventually right?  Put those to bed so you can focus on the bigger prize:  FINANCIAL FREEDOM (your words).  Also, credit repair is also not an overnight task.  It takes a lot of work and good credit is almost a necessity (some may argue that one).  Why not make the personal finance piece of your life a part of the overall plan to invest in real estate?  Step 1 in the many steps you'll take in achieving your goal.  In my opinion you can't have one without the other.

what would you do?

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