Yeah, it's scary. Especially if you have a family that counts on you. But, I knew what I wanted. The wife and I scraped together about $11k. I went into about 100+ houses making who knows how many offers, and finally got one. Rehabbed it with a lot of help from my father-in-law. And actually would have come out pretty good (probably about $15k to $20k profit). But, then my *** ended up here in Baghdad, and that damn property is still sitting with a for sale sign. I actually had a contract signed within the week I put it on the market -for full asking price. Jerk decided 3 days before closing that I needed to make him a substantial deal, so I told him to stick it. He knew I was at Ft Dix, prepping to leave, and he thought he could take advantage. I'll eat that house stud by stud before he gets over on me! Anyways, I'll end up losing money on holding costs, but I'll still get a decent check when it sells. With a long term capital gains rate savings, plus some decent deductions, I might still do OK. Regardless, no matter how much I lose overall, I'll still end up with a check for around $20k to $25k. Which is going immediately into the next house (probably within a week of getting back home).
I won't gamble money that my family needs for the necessities, but the money I'm using should go to paying off bills and filling an IRA. However, I decided that this is my future financial security, and it's do or die.
You're going to have to lay some money on the table, and you have to accept that you might lose it. Don't lay money that's supposed to buy groceries and pay for rent. If you lose it, it'll hurt, but it shouldn't get you evicted. Do your due dilligence.
And no I didn't have a mentor. I really thought I needed one, but I ended up getting everything I needed from books and people on this site (whether they knew it or not).
Now shut the hell up and move out!
