All Forum Posts by: Larry Littrell

Larry, what you are going through is very common, especially in real estate, which is an industry with an abundance of options. The range of options is a great thing, but it can be distracting and create the overused term analysis paralysis.

As for your timeline, I would not say it is impossible, but it will require a ton of hard work, a very good plan and some excellent timing and luck. I think your short term goal is excellent, fix that debt issue. Doing so will also help your ability to invest.

A couple questions:

- is they anything else you can do to increase your income? Get a second job, use skills you have to do work on the side, etc? If not, you are on the right track with wholesaling...although it is much more difficult than most people think.

- can you decrease your debt by selling anything? cars? jewelry? A lot of people have a lot of stuff, and a lot of really nice stuff...if you can sell some things you do not use to pay that debt down you can really accelerate things.

Other than that, keep educating yourself on real estate. The more you learn the more clear your focus will become and the confusion will start to go away. I hope that helps. Good luck!

Thanks and it does help. I actually have three side streams of income right now. I have found out that my time limits the amount I can make though so I am winding down two of them to focus on one. This will enable me to build up some reserves to help with investing.

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I feel like I have ADD....I started looking into REI to flip houses for cash. Then I realized what I really want is passive income to eventually quit my day job.....but first I need cash to pay off my debt....oh, wait you can carry contracts on mobile homes and they are cheap to get into...or wholesaling.....I'm exhausted now I need to take a nap lol.
Seriously here are my goals:

My net worth is about -110k , yes that's a minus sign. I am underwater huge in my house as well as credit card debt. ( We have not used then in almost two years and are paying on them).

I want to pay off all my bad debt and get out of my house (want to downsize possibly owner occupy a multi-plex)

Establish about 7k in net profits per month.

Net worth of 2 million

Timelines:
Debt Paid---3 Years
Income of 7K----10 years
2 Million net worth----17 years

What do you think? Impossible?

The good news:
I have good steady income and excellent credit. I also have a small side income that I can use to start my business.

Any comments would be great!

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Wow!
What a great welcome! I have been looking around the sight. Looking at all the guides, listened to some podcasts and all I can say is wow. I feel like just about all I need to know is right here. I am looking at single family investments right now but that is subject to change. I am hoping to supplement my income in a big way and then transition to this full time in 8-10 years. I am 48 right now and would like to be able to leave my day job before i am 60. I think that is doable with enough effort. I look forward to networking with you guys and learning how to use this sight to it's full capacity.......hey wait....aren't we supposed to be competitors? :)

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Hello all! I have been seriously researching investing for a few months. I am north of Seattle in Monroe, WA. I am looking to flip as well as build a rental inventory. Looking forward to getting to know some of you.

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All Forum Posts by: Larry Littrell

Larry Littrell has started 12 posts and replied 54 times.

Post: Information overload!

Post: Information overload!

Post: New to the site from Seattle area

Post: New to the site from Seattle area