All Forum Posts by: Lee McCarthy

@dj cummins I would love to sit down for dinner.....

Thanks so much Charles.... I think you have a great point. Until I get to a place where passive cash flow is enough to live on and quit my job. Sticking to rental may be smarter with all thing considered. Maybe flipping could come later when W-2 is gone to keep me busy. The truth is i love the rehab process and the creation of something great. So that is where my passion is.....but passive income is easy to get passionate about as well

To start with, I would like to be in some reo flipping to build some capital then leverage that for a year to two years to finish multiple flips (Brrrr). Ultimately, I would like to use flipping for capital generation to use to purchase free and clear hold properties. my market has a ton of 3/1 3/2 that sell for 100-160k. For me, my biggest obstacle is my wife completely against all of this. and a bankruptcy one year ago that occurred due to the market crash of 08. So I'm trying to show her that this can be done, albeit unconventionally. I think you're absolutely right about the REI group and there is one near me that meets in a week or so......i think I'll find a way to drag my wife to it. More than anything I need to just set up a plan.....step by step for the next week....month.....quarter....and so on, and stick to it!

Truthfully, my first step is to convince a very unconvinced spouse that this is a viable industry and that I am driven enough to succeed. Mostly at this point I am just trying to find some structure for how to start. This process is so big, with multiple facets, that what I need to a step by step plan of attack from day one. I am a firm believer that confidence comes from competence and organization. right now i need the later to fall into place as a framework to build competence around

So here it is.....my story and where I want to go, and needing some advice to get me there. The back story. I live in the St. Louis Metro East area. I have a job in pharmaceutical sales that pays me well. 2 kids, and my wife makes 40k/year. I have always loved the idea of running my own business. I am a numbers guy. I am hands on with rehab, but I cannot seem to get my wife convinced that I can do this (get into REO/auction flips in the 20-50k w/100-130k ARV). We had bought a house in 2007 for 85k, put a lot of work into it personally, yet had to declare bankruptcy a little over a year ago because we couldn't sell the house due to the market crash and the neighborhood going to ****. We absolutely were not going to allow our son to go to that school district, so we bit the bullet and lost the house in bankruptcy, and later was purchased for only 32k. I believe this has completely jaded my wife and I am struggling to convince her that this industry is viable and that I have the capacity as a highly motivated, and fairly well educated person to both learn and build a profitable business. What I am asking is, does anybody have any advice as to how to get a spouse or family member on board when they have no interest in being a part of it?