Mark J's Journal

Mark J's Journal

So here I start. I have yet to do a deal, have yet to finish my books. I am always scared to pull the trigger on new things that have to do with money, and lack confidence in myself. Am looking forward to 2010 as 2009 has been a mass of bad luck. So this year is for learning. Next year is for making money.

My lone goal for now: Prepare for 2010. Yes, I know you should start right away, but my kharma is jacked up this year. So I read and learn.

Current situation:
Living paycheck to paycheck.
Losing my home to foreclosure soon.
New job in same industry (less than two months).
Newly divorced as of 4/11.
Kids live with me full time.


Keep your chin up

I can understand where you are right now Mark. Pretty much in the same boat. I really don't want to get too much going right now, being so close to the end of the year - with the possible tax implications etc. What I am doing right now is trying to set some things in motion.

* Try to locate and contact other investors in your area for advice - see post in my journal for one way I found some help.

* Set up your Databases to track your possible buyers and sellers

* Read everything you can - chat on the forums - check out other sites I found a great one from one of the semi local real estate schools - actually where i found one contact

* Figure out your goals - Short term, mid term and long term Not just for REI, but what is most important in your life and how this can help you get there.

* Post on the journal daily - You may not have much to post, but look at it as a diary of your progress, a public motivation, and a way to kep yourself accountable

* Know you can do this! One small step at a time adds up to a mile before long. Don't look to do a $15,000 assignment to begin with. I am looking to figure out what the average realtor's comission would be and then set my assignment fee a point or two below to make the offer more attractive to both buyer and seller. A couple of thousand dollars is not a bad start.

Best of luck, and I will keep checking back to see how you are doing.


You're not alone

Mark, I know exactly how difficult life can be. I'm pretty much in the same boat..paycheck to paycheck..not being able to get the bills in the working poor class, and only make $50.00 over the montly limit to get state help. Know that you are not alone, and many people on this site have been very successful. My turn is soon, and there is plenty of money to go around. PM me if you ever need anything....




Failure Is Not An Option


Congratulations for taking action and starting your journey. You are also a part of the DG website which is packed with great information and inspiration. Try to take a day and establish some goals such as completing the books and spending 1 hour a day on anything to do with real estate. Over time your knowledge and confidence will grow. Have a set of goals and an action plan and put it into gear each day. A few little things you accomplish each day can lead to bigger things down the road. Good luck with real estate investing. Believe and Achieve! Smiling - Joe


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Thanks for all the good comments. I did run into the man that built our home. He is currently doing the same thing and it turns out he should be a great resource. I was thinking of finding some potential properties and having him basicly partner in with me until I get a better feel for what I am doing. It's correct - $500 is better than nothing, and I don't necessarily need to hit a home run the first time out.

I read a book called "Rich Dad, Poor Dad" which talks about investing. One thing he mentioned is becoming incorporated for tax purposes. I am going to look into this as well and try to get set up before doing any transactions. First of the year would be a good time as well.

Again, I deeply appreciate the comments!

Time to check in...

I'm just checking in, I have not done much lately, other than read. I was gone for a week and am co ntinuing with my learning. It doesn't look like much, but I figured it best to keep up with the journal even with nothing new to report...


Okay, so I've finished the second book. Now my plan is to write down a checklist to use when attempting my first deal, much like in the last chapter of the second book. Since there is so much information, and so many options, I believe it will help to use so that I don't forget any steps. It is a daunting task to undertake, and I feel like I need a guide. If anyone has such a checklist, let me know - I think something like that would help new investors overcome some fear in getting started. The last chapter in the second book is an excellent guideline to use.