I've Never Been So Excited
On Monday night after work, I went to Borders and bought some books. That night, I started to read "Rich Dad Poor Dad." The next night, I finished it. It took about 5 or 6 hours to get through it, and I could not put it down. I have never felt so inspired or optimistic about any venture in my life, and I am absolutely determined to conquer the fear of failure.
Part of the reason I couldn't put down the book is because I feel like every minute I'm not learning is a minute I'm wasting. I'm flying through my books and the information so I can start to gain assets as quickly as possible. I have an insatiable urge to learn this stuff, and I am going to do just that.
In the immediate future, I'm going to get the ol' Carlton Sheets program because it's only $9 to try for 30 days or something. I'll fly through that and keep it if I think it's worth it. Next on the agenda is to get John'$ sub2 course, but I'd like to have the cash for that first. Also, I'm upset I won't be able to attend that seminar he's hosting. I would be willing to drive back down to Florida, but that weekend is a family reunion in Ohio. 
I do have a question that didn't really get answered previously, though. I have a large amount of debt that I'm attacking very aggressively. Should I keep this up, or should I lessen the attack in order to start some investing? What would you do in my situation? I'd say the average APR on my cards is right around 12% or so.
Thanks!
~Sean
Personally, I would set a financial goal .. say $5-10k to invest with. Do you think you'd be ready to invest in 3 months? 6? 12? Whenever it is, plan to have that money at that time, and cut back accordingly.
It's never a bad time to reduce your debt load. When deciding your course of action, look at the expected return on your investment vs the cost of your credit. My priorities are SLIGHTLY skewed in the direction that offers the highest rate of return.
Good luck with your decision,
Jeff
That's just my dilemma. I'm not sure if the returns will justify lessening my debt payoffs. I mean, I am aiming to knock out 4 years of debt in a little more than 1 year of work, but I can easily stretch that to 2 and save a bunch of money to invest. I'm thinking that's what I'll do.
It just throws a wrench in the gears, because I was very heavily considering law school next year. AH! Decisions, decisions.
Once again, thank you guys for your opinions!
you must first decide your direction. "school or no school." paying off your debt is a good plan in itself. it will put you ahead of 95%+- of the rest of the world. it will put you in a secure postion to invest compared to rei with debt. i put my debt first. now i don't need to "beg" the bank to give me a loan. i can now rei without the interest beating down my neck. working on the debt will give you the feel that you are gaining while you are deciding what you want to pursue......ggod luck........kenmax
Possibly this will help you see my point. By the way, I would think extending the payoff to a couple of years is wise. I'll try to explain.
1) Acquire property that has little equity via Sub2.
Loan balance 95K House FMV 100K Your cost to get in $1500 (moving money for the sellers).
You place buyers in the home on a contract for deed with a two year term for 115K and 5K down. The difference between what you pay to service the existing loan and what you collect on the CFD nets you only 100 per month or 2400 total. When your buyer brings money to the table to cash you and the existing financing out, you net about 15K.
Please bear in mind that this is really quick, but the numbers are not exceptional or unique. Your results may vary (sorry, I couldn't resist)
You collected $5000 at move in
$100 monthly or $2400 in monthly installments.
and $15000 upon closing
for a total of $22,400 over 24 months
Your (cash on cash) rate of return on your $1500 investment over that 24 month period of time was.................
Drum Roll Please..........
slightly better than 143% APR
Not too bad! In my opinion anyway.
Good luck,
Jeff
Quote:
In the immediate future, I'm going to get the ol' Carlton Sheets program because it's only $9 to try for 30 days or something.
You'll find Carlton Sheets programs to be designed with just enough information to lure you on to the next back-end sale; or is it upsizing (I get confused). I bought his initial program a few years ago and keep getting phone calls to join their coaching program for like $6000 or something.
John Lockes manual shows you how to DO something. Oh, and coaching is free.
Just my 2 cents.
[addsig]
But why not learn everything I can? Why pass on one program just because another might be better? Just because Carlton's program may not be your cup of tea doesn't mean it isn't worthwhile and workable for others. I'm just keeping my options open and learning all I can. That's the plan, anyway.
What sort of success have you had with John's course? Can you give any real examples?
Hello Newand int.
Go to the birddog forum and read "from coarse collector to invester... how sweet it is" Talking about all the coarses he did over ten years. and I read a lot about the information overload, that will actually slow you down. You have to start sometime in the real market even if it's slowly. I bought CS a 5 years ago and personally I don't feel comfortable with a $25 cash flow on a rental to make it a buy. Lot of good theory and I used his rental agreements and forms for years. Bought John's manual two weeks ago and confident enough to get out and do some deals( putting all the chips in order as I type, advertizing and marketing, state legal forms exc,exc) good luck with your decisions.
My 2 cents,
Marv
newandinterested,
Welcome to the Cash Now team.
In a few days you will have a password to our Bird Dog and Subject To site, you will see deal after deal being posted by your fellow team members.
Anywhere from $10k to $80K on their first deal, you will see new people looking for that evasive first deal, however plenty of support from the pro's and new people.
Welcome on board.
John $Cash$ Locke
[addsig]
Thanks! I look forward to the learning -- and hopefully money -- I've got ahead of me.
How long does it usually take to receive the manual? Sorry, I'm just itchin' to get my grubby hands on all the material I can.
I got mine in a few days. And then you'll be able to start making money. You may never need to buy a CS course unless you want to throw your money at him (he's probably got enough).
Keep learning, but learn as much from guys like $Cash$ as you can. Your time and money will be better spent.
[addsig]
I've been a member here for several years and I have seen much talk of Carlton and other Gurus. the general consensus that I've seen (over literally thousands of posts) is that the material you pay several thousand dollars for is either out dated, not thorough, meant for dreamers, way too expensive, highly motivational, don't compare with John's programs. I personally have a friend who sells CS mentorships. does he invest in RE? no, he talks about it alot though.
Josh
Sean,
You sittin' down? The second Subject to deal I tried I got.
In about a total of 30 minutes of two telephone conversations and one face to face, I had the deed in hand. What's more, the property is free and clear of anything: no liens, clouds or what have you.
I got it for 70k and it's currenlty on the market for 104,900 with lot's of traffic. The typical sale time in that particular area is about 60 days. I've had it about 40.
The place needs to have the garage painted and the basement walls painted. It's a R2 property which means it can be cut into a 2 fam. which is what one looker is thinking about.
So, say, 100k-70k =30k-title search & ins. - realtor, so I'll walkout with 24k. So far I've cleaned out he garage and cut the grass about seven times. To date, I may have 10 hours total invested into this property.
Thanks :-D ,
OTW
Hmmm. Check plus for you!
Ah, I can't wait to learn all the nitty gritty.
To all,
Just to present a slightly different view then Josh has noted...
People respond to different things when it comes to motivation.
People have different styles for education.
All the courses are over priced or a bargain based on one thing. If you actually use the information to do a deal that you would not have done otherwise or structure the deal so it is more profitable.
REI has the possibility for you to make a lot of money if you do smart deals. Hence you can easily afford any course or training if you actually apply what you learn.
As most people do not have much cash and many will not actually perform I advise folk to stick to books from the library or a bookstore to minimize the initial costs. Once you have done a deal or two then you can consider stepping up the educational costs.
John
[addsig]
Since you have the manual in the mail, I'd get it and do a deal, then buy CS's course if you still want it. I once had the CS course. It gives you an overview but nothing specific to work with. You don't finish it and say "ok, so I need to place this certain ad tomorrow and setup an LLC." You finish it and wonder what to do next.
With John's course, you'll be up and running in no time.
Now comes the waiting game. Since it's already midweek, I'll probably get to wait for the weekend to pass before I get it. Grrr. *Shakes fist at Sunday for not delivering mail* Oh well, I'll use the time in between to get through the other books.
Sean,
you asked
Marv:
How successful have you been so far in your venture?
I am starting the advertising this weekend, I have emailed John with many questions and always had a response within a day, he called me last sunday and talked for a 1/2 hr I have talked with a few other students and asked questions about the deals they done and are doing, I think your like it.
Marv
PS he sends it priority mail so you might see it in time for the weekend, GOOD LUCK!!!
Here's my two bits...
Pay yourself first. Whatever you make a month, take 10% of and stash it away. That's your investment money.
Strategically pay down your debt. I tend to be "debt averse" when it comes to personal debt (...business debt, I like to have lots of, however!) Consolodate your debt and roll it onto other cards that allow you to have 0% for 12 months and stuff like that. Rank them in order of when they'll naturally get paid off (quickest to longest). Once the first is paid off, keep making the same total payment that you were, but apply the extra money to the second one.
In the mean time, the best way to learn is by doing. Start birddogging. Move to subject to. By the time you've done a few of each of those you'll know your market, you'll be able to spot deal, you'll have more cash than you do now and less debt.
Good luck!
well looks like im going to buy the manual right now..thanks guys
[ Edited by marv_wi on Date 07/16/2004 ]