All Forum Posts by: Joe Carter

@Natalie Schanne yes but most of that was refunded. Most of the credit card debt is liquidated cash for my home flip project

@Evan Loader let’s also not hope that it’s the likely outcome. I know for a fact I will get this bull under control and ride it home.

@Michael P. Yeah let’s hope not! NJ is too expensive anyway. Kansas is mainly for my girl and I, been apart for two years. Going to give it all I got and never give up. I will figure this out.

@David Hulit good morning I’m trying to navigate the site myself to see where I sign up. I am a sole single person with a duplex. My tenant that was just infected actually left with owing me $10,000 in rent. He’s an illegal and trying to chase it down has been an issue. With the SBA loan be something I could try to obtain. From the post I’ve read I can get a 25,000 unsecured and a $10,000 loan as well not having to be paid back? 

@Trevor Aydelott absolutely I will be in touch with the property manager information. Yeah I’m a chief engineer for commercial size buildings in the Northeast salaries could be as high as 100,000 in the Midwest I’m guessing about half. I am a have a ready cut expenses down exponentially. Trying to get out of my car lease. When I was at my hundred thousand dollar paying job my mentor gave me the energy to quit and go all in on investing. I did that. I am now working a night shift Engineer for $50,000 a year just making ends meet because there wasn’t many positions available. After the flip went upside down I knew I had to jump into another job at Sam’s soon as possible. So I took whatever I could get. Plan now is to just hunker down finish everything here in Jersey and get moving over to Kansas. Just at the crossroads of a bankruptcy or not knowing it’s going to take a few years to get that off of me. Not sure if it makes more sense to work down The 80,000 without a bankruptcy or a claim bankruptcy and end up saving that 80,000 for investment capital. 

@Kirk R. I really appreciate that. I am actually working with a bankruptcy attorney and a bankruptcy lawyer at the moment. We are going back-and-forth with different options. Nothing set in stone just yet. Currently have very low capital. Still have that entrepreneur spirit of moving to the Midwest for my girlfriend, starting my own business, realtor, anything to start creating income. One a job as well. Really anything. I’d love to pick your mind one day on a call, I’d really like to hear about your journey. Thank you. And yes I am being completely honest, I have nothing to hide. Just a lot of lessons to be learned and put to work going forward.

I respect and appreciate everybody’s response. I am reading every single one and taking them all into consideration. I appreciate it very much so. Yes I’ve run into some situations some that I will absolutely take full on myself. All of it’s my fault just looking for a way out and to rebuild. I have full and upmost motivation to make this a successful model and to make this happen for myself and my family. I am 28 years old and ready to rebuild. Looking at debt on credit cards of $90,000 his stomach turning. I hear everyone saying to not file for bankruptcy but I honestly don’t know how else I’m going to get out from underneath a $90,000 hole. I am a hotel chief engineer that makes about $70-$80,000. I was figuring if bankruptcy was the path I ended up taking within a few years I would be able to start.

Hey appreciate all of you reaching out. Yeah I have faced some real unfortunate things. I’m not blaming anyone else deafly mostly all of my fault. A lot of lessons learned. A lot of wasted money. Most of the credit card debt was refunded after the company closed for the mentor majority of my credit card debt is that I use credit cards to fund my fix and flip and when my fix and flip ran out of cash because I was paying for my mortgage info because the renter wasn’t paying it was a double ended sword and I ended up sinking. It was a hard money project for the flip I was three months into it construction was just about to start. When I asked my contractor to stop working because I was trying to figure out the finances he called me a rookie told me to go screw myself and blew me up all over social media. Actually made it extremely hard to sell the property he tagged 100 local realtors blowing up my name after I told him to pause. It’s just been one hell of a ride. I am M in the process of a bankruptcy claim chapter 7. Haven’t filed yet but just getting the paperwork together. But it looks like that maybe I should not do that. I have been on the fence as well just don’t know my options. I’m trying to figure out if I would have more money saved up by just claiming bankruptcy and saving all that money up to then invest in about a year or two or three. Or the math looks like I would need to get $100,000 paying job and in the mid west that’s difficult and even so it would take four years to pay down all of the debt and saving zero. So for years later I would have zero capital making 100 K a year. So I was thinking then it makes more sense to just pull the reset trigger consider bankruptcy and start stacking my pennies back up

Yeah the thing with the 15 K in the tenant is that the rent was $2400 a month. He missed four consecutive months of rent with $100 late fee. The same tenant owned a roofing company and we made a agreement on the roof for two free months of rent in order for him to do the roof. He never did the roof. His wife ended up getting cancer and he couldn’t pay rent month on month on month. It took some time to finally evict him through the courts he was just evicted recently this month. It was a battle. I got him out three days before the non-eviction law from the coronavirus went in to place.

I currently have a small pile of capital just trying to rebuild. Thinking about selling the two family in New Jersey when I move to Kansas and pick up a four Plex. I am in Engineer full-time and very handy, thinking of starting a contracting business of some sort in Kansas to start income and networking. And slowly rebuild

With the bankruptcy how do you think this will actually impact my buying? I know it stays on your record for seven years but if I manage to bring my credit score up do you think I will have issues trying to buy in the next year or two. I’ve heard stories of people buying a house after one year just the interest rates are a bit high. Which I don’t wanna pay high interest rates either but I’m sure there must be another avenue.

@Mike M. That’s exactly what I did. I have been day trading options as well been making some great returns. Just the other day I made an 800% gain on a Roku call. Definitely worth getting some education and knowledge on Stocks at the moment definitely some games short term to be made. Definitely pick up as many big blue chip stocks you can now you won’t regret it in the next year or two.