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Updated over 6 years ago on . Most recent reply

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Russell Shannon
  • Tifton, GA
1
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So I'm completely new. I lost my job and while back.

Russell Shannon
  • Tifton, GA
Posted

So....I lost my job and while back. I know nothing about real estate, but I'm desperately wishing to learn the ins and outs. Due to my job loss, my credit has suffered. I am currently back working and I did have to file a bankruptcy. It's not easy for me to be this honest about these things. They're very embarrassing for me. I do not have a lot of extra money and I'm from a smaller type of town. However, I am within 1.5-3 hours from Atlanta, Jancksonville FL, and Panama City/beach, also Tallahassee. What's the best advice that can be given for getting started with little to no funding. Maybe wholesaling? I lost the 4 people I care the most for recently and I no longer get to spend time with them since she left, I just wish to turn my life around. I've looked at several "mentors" like Phil putenjoski, Nick Ruiz, and a gentleman named Chris Spencer I believe. Any advice or help is greatly appreciated. I'm not asking someone to teach me everything, just thoughts and opinions given my situation 

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Spend the next couple of years studying finances, money management, real estate etc, tons to learn before you begin, and get your own personal finances back on line. You will need to repair your credit, clear your bankruptcy and start saving every penny you can.......frugal life style going forward as your life situation improves is mandatory. First step is turning your life around then you can consider possibly investing once fully educated.

Keep in mind real estate investing is not a path to getting out of debt it is for those that actually have money to invest and are looking at a long term growth of wealth. Beginning out with no money, an bankruptcy and poor credit is a major up hill battle. Far, far easier to turn those issues around first then look at investing as a path to turn around your life. No one will take a chance on you in your present position so give yourself a couple of years to recover and in the interim study and learn the business.  

Without funding your chances of successful investing is extremely slim and the amount of work required to compensate for no funding is very rarely worth the effort. Put your efforts into first fixing your life and financial situation. That is where your efforts will pay off the greatest.

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