All Forum Posts by: Omar Grant

@Marcus Johnson

 Marcus, I don't have a pending need or desire to use this or any other source of funding, so it wouldn't be accurate to say that I am willing at this point. Further, I'm not sure if debating whether or not I'm willing to use a title loan is of benefit to anyone. What's beneficial to me (and possibly others) is the experience of those who have considered or used it and how they came to a decision one way or the other.

While I am not currently willing to use that options, that position may change in the future if no other option is available to me. By asking this question, I get some context around circumstances that may cause that. Or I may come to the conclusion that it is a horrible option no matter what..

Thank you @Adam Johnson for the detailed response and sharing your experience. There's some really good information in there..much appreciated!

@Adam Morgan

 and @Marcus Johnson

In reference to my aversion to debt, I'll say this..the only debt I have currently is the mortgage on the house I live in. I have just one (by choice) that I use mostly for work-related expenses that are reimbursed. I have not paid interest on a credit in over 10 years. I spent the last 3 plus years following Dave Ramsey's plan to get rid of over $100k in student loans, cars and other consumer debt. So, I am in no rush to jump back into debt and I would not say that I am willing to take a title loan on my cars. 

However, I am interested in becoming a successful real estate investor and some day get out of the 9 to 5 trap. So, I am posting this and other questions to get a feel for what has worked for others. I realize that the same strategy may not work the same way for me, but by starting the conversation, I might learn other options and strategies that could work.

I also look back at the last 3 plus years in which my family and I made sacrifices to get out of debt with an open mind and no regret. However, I realize that there was an opportunity cost to becoming 'debt free minus the mortgage'. That opportunity cost includes a down real estate market that was ripe for the picking. But my mind wasn't there and I certainly didn't have the necessary knowledge. Now, my mind is there and I am seeking the knowledge. 

So, anyone that is willing to share their experiences and possibly some unique strategies, I'm listening.

..Hope that wasn't too much..

Thanks everyone for the excellent feedback!

Thanks @Adam Johnson -- really appreciate the feedback. Yes, going to my credit union was one of thoughts primarily from a trust standpoint. I am familiar with them. A quick google search will return plenty of Title loan lenders even in my local area, but I don't know if I can trust them. Like I said before, I'm a novice and really looking to figure out the strategies available to me and which ones work best.

Thanks Bryan. I'm actually an anti-debt, anti-interest guy..so, I'm not comfortable with either loans or credit card debt. But I'm trying to learn what others have been successful with. So, thanks for the input. 

Have you used other avenues that worked for you?

Thoughts and advice on using an auto title loan company as a source for quick cash to use as a downpayment or rehabbing a property. I own both of my cars outright. They are worth about 30k+ total. Just starting out and trying to identify sources of funds that I have access to. This is one I heard of in video blog and looking to get some feedback from others.

Thanks!

Thanks for the reply Bob and Daniel.  I read the forum posts about the guru scan trap a few minutes ago and it did open my eyes. Like any newbie, I'm trying to learn as much as I can before getting too deep in and hopefully avoid some of the mistakes that newbies inevitably make. That's how I ended up on BP. I like what I've seen here so far and will continue to thread thru all the information here.

I'm new to BP, but recently went to a free Pathways event and thinking about doing their 3 day workshop. Any opinions on that program? Anyone actually completed it? Appreciate any response on this.

thanks..