All Forum Posts by: Rochelle Ray

Can you find unique ways to make some extra money to put towards debt such as renting out a part of your house or room for extra income to be used to pay down debt?  Don't sell your house so fast just to make the debt go away until you deal with HOW you got into debt, which is a lack of living on a budget.  If you sell now to pay off some of your debt now and then go back into debt, you now have no more assets to sell.  Deal with your human weakness (we all have an area) and grow from it first.  Learn to live below your means and create a budget and look to add some extra income.  It will be worth it in the end!  (sorry for not sugar coating my opinion.  I used to be a budget counselor!)  Oh, and btw, get your wife and family on board and make goals so your all trying to move in the same direction or frustration will ensue!  You'll so be glad to get your life in order by doing this and your wife will think your quite the man! (not to imply that you aren't already, lol!)

@Caleb Rigby it is great to hear an Auction.com success story.  I used to use them as a resource for properties but in my area anyways, I found the majority of them ended up being mostly mold and foundation issues yet they wanted way too much much for them in spite of it.   You wouldn't know it from the pictures and it makes me wonder how many people actually go look at the houses before bidding or are they feeding off the people who don't bother or are hoping for the best?  I finally quite using them.  Now this is not to say their live auctions aren't bad for their bank owned properties.  I'm just referring to their online auctions.  So I'm curious if you go look at the properties or have you just been lucky?  The reason I am asking is I'm wondering if I shouldn't give them another look.  Time is valuable so I take references seriously.  Btw, you did an awesome job transforming that house!  The numbers look great.  You should feel good about it.  "Rinse and repeat", lol!

@Trey Watson  Thank you for you input.  I might not of been clear in my post.  I was not asking for referrals for specific names, businesses or locations but suggestions on ways to find them, i.e. advertisings, Home Depot referrals, Craigslist ads, etc. while out of town.  Running my business in a local area is easy for me, I know people.    But branching out to new areas where I am not present all the time is going to be a learning curve. Thought I would gain some other peoples experiences.  I know better than to ask for specific names on here.  That would actually be inconsiderate and unprofessional.  But I thank you for replying and taking the risk of stepping up and speaking truth.  If I had meant to request names, it would of needed to be said.  I am not out to steal good contractors.  

Could use some good ways to find reliable contractors in the Houston area, especially the Northwest and Northeast side like Spring, Humble, Cypress and Tomball areas.  I am from out of state currently but will be able to line out a date to go down and interview and meet several after I line some out.  Any suggstions of the best way to get some RELIABLE recommendations while out of town and can then research their referrals of past work before making a trip to narrow some down to build a good team? 

Welcome @Conner Sweet!  Super excited to see a young man like yourself pursuing skills to achieve financial goals and freedom and not relying on a paycheck from others.  You will learn so much about business, capitalism, taxation, what is wrong with our country, meet many different types of people, your own flaws and strengths and the list goes on!  There is nothing like this!  (I'm a retired homeschool mom so you can see my excitement in your eagerness to take this step at such a young age!)

My biggest advice is that this is more a people business than a knowledge business.   The knowledge will come.  Keep making connections in every direction.  Hold true to integrity and treat people right and you will have a great business.  Be stingy, greedy and rude and you will have few friends, few recommendations and lose out on good money.  

Get yourself a mentor and go follow him/her around.  Offer to work for them for free for a while and you won't regret it!  Good luck and keep us posted as to how your getting along!

Bo,

It takes a while to get going. Keep doing the right things over and over on a daily routine. Set up a good schedule and as you make a mistake, learn from it and you will keep improving over time. There are NO investors here that have made NO mistakes. Actually by diving right in you accomplished something many can't, getting over the fear of taking the first steps. So pat yourself on the back, dust yourself off and get right back in the game. You will be making offers that fall through that won't make sense, you will have contractors back out for stupid reasons, and so many other things go wrong. You will have to learn that things just won't go smoothly and you need to learn to roll with it, adjust and get your money going again. That is why its called investing! I believe you can do this! Go to a local REI group and meet people in person who can support you. Johnson County is a very competitive market. It moves fast. It is difficult for a new investor but not to discourage you, it can be done! But maybe beginning in the northern side or Missouri might make for an easier beginning or consider teaming up with someone for your first few? Just some thoughts. Either way though, you can do it. If the numbers work, go to work!

Did not know this @Albert Bui.  I bet a lot of people do not either.  You might consider writing a blog on such things!  I will keep this in mind.  Your very helpful.  Much appreciated!

@Albert Bui Thank you for your detailed input.  It will be great for planning ahead.  I won't need to gift them any money for the down payment.  They have that already on their own.  It is just steady income they do not have due to being students.  We also move around a lot so having much of a steady job history has been tough for them.  I will probably plan on co-signing for them and then see what it would take to get us off as soon as possible and let the rent and maybe a couple more years of steady pymts and summer jobs show their dependability help the bank decide they are good enough to stand on their own.  If not, we will just have to stay on the loan till they graduate.  

So what I hear your saying @Tony Castronovo is the solution to getting my calls returned is to stand out in my message by letting them know already some of what I'm willing to offer?  It is a pretty intense marketplace right now.  Might be helpful.  Hadn't thought of it this way.  Thanks. 

Thank you again @Dan Krupa and more importantly . . . thank you for you service to our country!