All Forum Posts by: Alysia Newsom

@Account Closed, Thanks for sharing. Yes, what landed us in this position could happen again. simply because the situation stemmed from a few life circumstances (loss of employment, medical problems, new baby, and loss of vehicle) all in a couple months. Living on credit cards to get by until we could downsize what we could. We have learned and this is one reason we are looking into real-estate opportunities and additional sources of income instead of being 100% reliant on an employer to meet our needs. You said it took 10 years to be able to purchase a home. This is my main concern. Since we are wanting to use real estate investing as an additional income source how difficult would it be to find investors in us if they know we filed bankruptcy? I know traditional lending would probably be out for a long time, so we would have to get creative. I just feel that a bankruptcy would hurt us more than help us in the long term scheme of getting into real estate investing. We burned through our saving and retirement funds paying part of our medical expenses. 

Thanks guys. @Clinton Bailey I used to have the meetup app but for a completely different purpose, but that's an awesome idea. @Luka Milicevic Mboro is a VERY good place for rental investments and its going to be much better soon. Word is that the city planner has already capped flat roof apartment complexes and all future developments being approved are of the higher end. The goal being to keep the mtsu grads within the city by offering high end real estate and creating a more up scale trending neighborhood. Check-out a new development called the fountains at gateway. City planner estimates the lowest rent for a 1 bed room to be $1500 in the future. In fact i have a friend who's lease was up on his one bedroom apartment and when he went to renew they were more than doubling his current monthly rent.  

Hello fellow investors and students of the trade. I began studying about real estate investing a few mo the ago. Im primarily interested in flipping for 2 reasons: I love to create and I have a family background in construction of all sorts. My goal is to leave my 9-5 job in the next 3 years. I'm curious if I should obtain a real estate license though? I realize it's not necessary; however, it could give me some advantages. I'm business minded and have made a few of my employers pretty wealthy. I figure it's soon time I take the risk and venture out on my own. Numbers make sense to me and I'm creative enough to think outside the box about things, my faults are I'm not as confident and out-going as I should be to build the right network of people to support my endeavors. But my husband is, however, he's not knowledgable about real estate or how money works. My location is one of fast pace growth, actually has been one of the top 5 fastest growing counties in the US for a while. Now with Nashville booming, it's really starting to pick up around here. Rent prices are on the rise and more and more nashville natives are moving this way to get away from the tourism.

@Jason V. Thanks for the advise. We have no speak-able assets and it was a loss of employment that landed us in this position. We have downsized as much as possible and still are not bringing in enough income to meet the debt (unsecured debt). We are now attempting to communicate with the creditors in an attempt to negotiate the debt ourselves. If that fails, and we can't get better paying jobs, than a bankruptcy is our final option. 

Has anyone had experience with bankruptcy? My husband and I are considering it after meeting with a debt management counselor that recommended it. We are trying to do everything possible to prevent this option, but the more we consider it the better it sounds. Our concern is how hard it will affect our future. We have nothing to loose as of right now, but our plans for the future will probably suffer. We had intended on starting a real-estate investing business and begin looking into the stock market beyond our mutual funds. Filing bankruptcy would alleviate the need for credit as much to get started, but it would take us longer to save up the start up money. Just looking for those that have filed to learn from their personal experiences.