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Updated over 11 years ago on . Most recent reply
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Hello From Alton, Illinois.
Hi everyone I"m Pam Brown. I"ve been lurking here for several months and It's time to jump in and start working on my dream. I'm a Commercial/industrial Journeyman Electrician and laid off right now by choice really. I have goals for investing but can't seem to take the first steps to get started. I have a back ground in real estate. I'm very familiar with the areas I want to invest in and the market there. My plan is to start wholesaling or loa, which ever way it comes. I want to keep my options open. I want to earn the cash to rehab from wholesaling and sell these to fund buy and holds. My short term goal is $5000 a month residual income in 5 yrs. The problem is that I'm not finding any investors/mentors that are interested in my methods of investment and I could use a bit of guidance. So far those I've run into believe that I should just find a good deal go to the bank, finance it, pay it off by working my rump off as an electrician. That isn't really what I want to do long term. I don't have big cash but I don't have big bills either. I feel like a case of A.D.D kicks in when i start considering this again yet I always come back to it. I feel like I'm making it harder than it should be. I'm pretty sure that when I take off I'm going to fly. Right now it feels very awkward. I feel like a third grader that needs someone to hold my hand and say do this first, this next and this next, etc. etc. The fear kicks in and I'm just out here; Me against the world. I will keep pushing myself to get where I need to go. A little help and encouragement would go a long way. Thanks for having me here.
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Pamela,
welcome to BP. You remind me a lot of me when I got started. I was working like a dog in a tool and die apprenticeship and making decent money for a young guy. I worked at night and bought houses during the day. I was so freaking tired, I would put my car in park at red lights and take a nap. I knew the horns would wake me up. LOL!
Anyhow, I was an idiot and bought a bunch of overpriced rentals, just about went bankrupt, then I learned about flipping contracts.
It has been over 15 years now, and I am not gonna say it has been easy, but it is the best decision I ever made to leave a full benefit union job to chase something bigger.
Keep focused, I know it its tough, especially with ADD. ( personal experience, LOL)
I would begin by just bird dogging or locking up contracts then selling them. It does not take any cash or credit. Pretty low risk and high reward.
that is still a great cash flow generator for me to this day.
Good luck!
Let me know if I can help ya in any way.