Another Newbie from Milwaukee!!

[Nicole Pettis]

Hello Pocketiers!

Another newbie from Milwaukee (a.k.a MILL-E-WAH-QUE according to Wayne's World:))

I am finally sending out my intro post after many months of reading and listening to the excellent podcasts and just soaking up all the knowledge that you all have graciously offered.

A little bit about myself...I am a wife and mother with a 2.5 year old toddler boy that keeps me on my toes constantly!

I have been a graphic design/web design professional for the past 15 years. And while this industry has been very good to me I am ready to move forward to my new adventure...which is REI. I have been extremely interested in REI for the past 10 years, I was just waiting for the right time to do it and I feel that time is now!

Although I am conflicted and have done much soul searching to follow this path. Why is that you may ask? Well, my husband and I are avid Dave Ramsey followers and we have been working diligently on paying off our debt these past few years(we have paid off $30k so far) and while the snowball is picking up and we are going through the debt. I have a HUGE overwhelming student loan that without increasing our income significantly it will be around for awhile & I don't want that.

So this where I am torn and have been going back and forth on all of this...for those of you who are not familiar with Dave Ramsey, he believes in no debt & to pay cash for everything. Even for a business. His philosophy is that debt=risk and that risk can hurt you in the long run, to whereas if you bootstrap your business, then risk is minimal and if you don't make it then you haven't put you and your family in a mess.

However, in order for us to get into REI we would have to take on a loan and if we flip successfully and make some good money, then we will be able to pay the home loan off and put money towards the debt, however if we don't flip successfully, then I have added to the already gigantic debt we have. Does this make sense? Basically I am afraid of taking that much of a risk. And that is why it has been difficult for me to take action.

Its not that I don't know or understand the industry/business. In my 20's I worked in the construction industry. I did everything from demolition to building. I know how to drywall, trim, paint, wallpaper, tile, faux paint, refinish floors and furniture. I have a design background, so I know how to stage and design an interior that will sell. I know marketing, advertising and branding along with setting up a website. And of course the knowledge from BIGGER POCKETS!!!

I am an entrepreneur at heart, I want to be home more for my son. I want to do this with everything that I have and give it everything I got. Its just been a very hard choice for me and that is why I decided to write this post...hoping that others have gone through this thought process and where they came out of.

I am here to learn, grow and take that next step. My goals are to join the REIA in town and really dig and get to know people. There are already 3-4 properties that I have my eye on, along with 2 distressed properties that I might try to wholesale.

So that is my story so far:) Sorry for the long post! And thank you for listening!

Nicole Pettis