All Forum Posts by: Aleks Gifford

Most excellent. Would you mind sharing the sourcing for this find and how you found the private investor for your first flip?

I have only a couple of days on here and I am learning a lot. I am currently using my hour and 15 minute commute to listen to podcasts from here. It is well worth the time. I would suggest you listen to them and find a local REI group to listen to as well.

I have only a couple of days on here. I am currently using my hour and 15 minute commute to listen to podcasts from here. I would suggest you listen to them and find a local REI group to listen to as well.

@Jack Butala

I am very interested in Eastern Texas. Could you point me in the direction of information about these types of transactions? I would appreciate it.

My wife and I went through his class. That is how we cut $47k in debt in 2 years. We are making progress on the rest and as such that is why I am here to learn. We are saving and learning while paying down debt so we can be in a position to invest in real estate as a business.

Let me start this out by saying bad things happen but good people work their way out of it.

Due to2 babies, my health and several hospital stays the following is my situation.

Own my home. I bought it on land contract. I have a $18k on an equity line. variable based on Wall Street Prime currently 5.24% payment is $250 per month.

The property has a merged parcel value with parcel (Drive by appraisal 2013 at $20k.)House needs windows, gutters and siding badly.

$8k in card debt rates vary between 12 and 21,99%. $200 per month.

$46k in student loans. Income based $0 per month till May 2016.

$1,500 in medical debt. $25 per month.

$6,000 on an installment debt because the sewer line collapsed last year. 5.5% interest $175 per month.

Personal Loan $1500 repaid at $250 per month (balance of the land contract after deed was transferred.)

Own free and clear a 10 year old mini van that runs pretty well.

I have $2800 in a Roth 401k and $1500 in a Roth IRA.

I work in 100% commission sales as a mortgage originator and income varies per month from $0-10k.

We drained our emergency fund last month due to some health issues.

We budget $2k per month for bills and try to keep $1500-2000 in an emergency fund and liquid. Biggest individual expense being food as I have a special diet due to my Chron's and Celiac.

Everything left over goes towards paying down debt. There is not usually a lot left over due to getting caught up from the lean months.

Plans: Re-establish the emergency fund but boost to 6 months reserves. ($2000 x 6 months= $12k,)

Try save up to 10% gross of my pay check after the $2k budget is met then put the rest into debt reduction.

Find somebody I can work with/for in Real Estate Investing to learn hands on and observe their methods.

Use the 10% gross savings to invest in a property.

Get free of all debt but business and eventually be able to go all cash as it makes sense.

Establish at least 3 other streams of income (preferably 5) so we are not reliant on my commissions to meet the budget. Each stream being able to fully cover my budget.

Move out of downtown to a hobby farm and eventually do loans and real estate sales full time.

The reason for this post is two parts. 1 Know where you are at so you can know where you are going. 2. Publicly state your goals with a plan and it has a higher chance of success.

@ethan They have. I came on board here because they are really top notch now. I currently am able to do a full gambit of products. In fact we are the only lender in the state that can do USDA Construction loans. I personally service all of my customers beginning to end and am available through the life of the loan.

@Chris E. Indy is a great area. The downtown has long been neglected and abandoned but the last several years have really started to change it. I spend a lot of time roaming the community and will be glad to share any insights I can.

Married father of 2 girls (3 and 8 months.)

Bought first home when 22 on Land Contract.

Have been looking for months to start investing but am trying to follow Dave's Ramsey's plan to get rid of my debt.

I am a mortgage originator NMLS # 157855 for 1st Signature Lending NMLS# 27820. (Inserted for legal disclaimer not as an advertisement.)

I currently service IN, OH, FL and as such have seen a lot of different types of purchase contracts.

I am looking to switch from stock market investing to real estate.

My wife is scared to death. I am not.

Sellers seem to be liars.

I am discovering after all this time in mortgages and being a home owner that I know nothing.

I am break even on my home but the neighborhood sucks and any money I put in to improvements at this time could not be recouped at sale.

I am looking to learn.

I can offer extensive knowledge of mortgages so feel free to ask.

I know Indianapolis well and currently sit on two improvement/development boards and serve as my neighborhood block Captain and Vice President of Riverside Civic League.

Thank You,

Aleks Gifford NMLS # 157855 1st Signature Lending LLC NMLS # 27820 (Inserted for legal disclaimer not as an advertisement.)