All Forum Posts by: Russell Shannon

I wish you the best but start with step one. Frugality. Step two. Learning. This site has both. THe BP Money podcasts have excellent tips for financial progress. You could check out the webinars and podcasts. Sign up for the present ones and watch the old ones on YouTube. Take notes. Ever heard of House Hacking? Read Scott Trench's book, "Set for Life".  Have a library card and an electronic device? Download digital Real estate books. BP has many of them, some offered at a discount after the webinars. Put money toward building yourself up. It may only take you a few hundred dollars to find out this isn't for you instead of a few thousand to some guru. Or you may find you love this stuff and you have $2000 saved toward your first deal :-)). Go to the meetups or set one up. Think positive.

Being debt free does not make you ready to be a investor. You must have cash saving to be a investor not only to have a DB but also a nest egg of reserve funds to cover expenses. When you achieve that savings goal you can consider being a investor. In the interim you need to get that credit score into the high 7s to get the refinancing you will also require to move forward.

A couple of years should be a reasonable time frame assuming you are dedicated to your goals. Cut out all your  wasteful spending (everyone has it) and buckle down to achieve financial freedom. Remember people live paycheck to paycheck by choice.

Whoa, whoa, whoa there.

Go get your job going again.

Do not spend money you do not have on a guru - that is for people who have money to lose AND, the information is out there to be had for free.

Live frugal and save your money. If you can not do that, you will likely never do this, as the core skill of doing this is amassing money.

While you are working and not spending, assuming you are also saving, you will have time to rebuild your credit and learn about the business.

Talk to some lenders and see what their terms would be.

The easy get-rich-quick has happened to some people. Some people also start companies called Microsoft, Apple and Berkshire Hathaway and for those people, maybe that was easy. If you were one of those people, do you suppose you would be broke today?

I am not trying to squash your dreams my friend. Reinventing yourself can be a fantastic thing. I'm saying to put some thought into the reinvention and don't dig a deeper hole for yourself during the process, rather dig on out of the one you are in first.

@Russell Shannon,

You'd go to the library to get books on wholesaling, and learning there how to do it vs. paying $1K for someone to teach you.   Wholesaling is not free.     You still have to pay for flyers, stamps, marketing, signs, etc...   getting the deals is the challenge, once you get a house under contract then it's just connecting the right people.    I bought 2 houses this year from wholesalers,  and when I saw their profit..  kinda wanted to go into wholesaling!  

If you just want experience, go to a REI meeting and find someone you can shadow and learn about real estate through.

 Did you actually wholseale like you say.     I hear wholesaling is expensive,   not just to start but ongoing.   

@Russell Shannon,

Go to the library, and buy some books on wholesaling for free, and then try it out.      I wouldn't put money into paying someone to teach you, when it's free in books! Just study and learn!

Spend the next couple of years studying finances, money management, real estate etc, tons to learn before you begin, and get your own personal finances back on line. You will need to repair your credit, clear your bankruptcy and start saving every penny you can.......frugal life style going forward as your life situation improves is mandatory. First step is turning your life around then you can consider possibly investing once fully educated.

Keep in mind real estate investing is not a path to getting out of debt it is for those that actually have money to invest and are looking at a long term growth of wealth. Beginning out with no money, an bankruptcy and poor credit is a major up hill battle. Far, far easier to turn those issues around first then look at investing as a path to turn around your life. No one will take a chance on you in your present position so give yourself a couple of years to recover and in the interim study and learn the business.  

Without funding your chances of successful investing is extremely slim and the amount of work required to compensate for no funding is very rarely worth the effort. Put your efforts into first fixing your life and financial situation. That is where your efforts will pay off the greatest.

@Russell Shannon.

So you don't have credit or funding,  I think wholesaling will be your best option.    I would say partner with someone, but it doesn't sound like you're a contractor... maybe look into trade schools and find a side gig?  HVAC maybe?