in about a year i should be making 60k+/year working around 30hrs a week with zero debt.

Another way I use financial statements is before I get ready to make a deal, or when my personal financial situation changes, for example needing to move or earn more money, I will look at my income statement, my balance sheet, and my list of properties that shows value to debt numbers and cash flow numbers.

There has been horrible accounting as to where exactly the money has gone & I do not expect that to change.In my opinion we are simply debting ourselves into a greater problem.

Adam forget about the HELOC and focus on finding a house that someone is in trouble with and take the property over SUBJECT TO THE EXISTING MORTGAGE.You can also do a lease with option to buy and then negotiate not putting down a whole lot of cash and getting rid of credit card debt and other debt.Loosing a job is not the problem.

Those that rent to low income tenants:If I were to institute a policy of no prior evictions and felonies during the screening process, do you think I would eliminate my entire rental base?

My 2009 business cut back plan is simple...1- My lease ran out on my satellite office so I did not renew it SAVING $$6500.00 per year (rent, phones, internet, gas getting there)2- NOT buying a new or used car this year SAVING $$6,000.00 (in payments, interest & full coverage)3- NOT hiring anyone new this year SAVING $$27500.00 (but it keeps ALL the pressure on me)4- paid off almost all debt SAVING $12,000.00 in interest per year (commercial loans, high interest credit cards)5- Scaled back the cell phone plan SAVING $1200.00 per year6- NEGOTIATED with internet provider down from 65.00 per month TO $20!!!!

In an inflationary environment, fixed rate debt, such as a mortgage gets cheaper in real dollars over time.

So, what I heard from them was:1) i'd rather surf the Internet than protect my children from a dangerous, known hazard that you are trying to eliminate.2) I'd rather pay $200 more a month and get "free" internet that costs $50/mo.

That eliminates another 25%.

J's income to debt ratio is a bit higher than 50%.