I Want to take action but I am Unsure..

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I Want to take action but I am Unsure..

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Wholesaler · Southern, CA · Member since 2013 · 139 posts · 10 votes

Hey guys! I am brand new to this forum I am 23 years old, a brand new Insurance/ Real Estate Sales Agent but have been reading and reading about investing. Well, here is my situation I have no money down, my credit is not bad but the debt to ratio is, since I obtain school loans, car, bills and bills under my name. My question is, "What are options that I can do with this type of situation?" I am unsure of the banks helping me finance, but you are the experts so I would not fully know yet. I have my goals written down, the amount that I would want to obtain but not sure If action is applicable. So if there are steps that you guys may know of to take to handle this situation it would be great. My thought of was to take care of my liabilities which is about $18k plus which would take forever to get done, and my emotions are telling me to start now and GO! FOCUS! . so hope to get a good response to help me out but thanks guys!

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  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    13y

    Raden Mantuano have you checked out wholesaling?

    Podcast Guest on Show #29
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  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    13y

    Raden Mantuano,
    Concerning the $18k liability, have you ever used a 30 day Spending Diary?
    It can be quite helpful, in reducing your debts.

    Raymond

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    OP
    Wholesaler · Southern, CA · Member since 2013 · 139 posts · 10 votes
    13y

    Raymond B. never heard or thought of that what is it? , and also Dawn A. I was thinking about that.. but just don't understand how to start and how much I am suppose to know when I do take action. is traditional wholesale and retail wholesale different from each other?

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  • Annette Hibbler
    Real Estate Consultant · Brighton, MI · Member since 2013 · 607 posts · 251 votes
    13y

    I suggest you read this. It's quite an education!
    http://www.amazon.com/Why-Students-Work-Government-Financial/dp/1612680763/ref=sr_1_1?ie=UTF8&qid=1373070579&sr=8-1&keywords=why+a+students+work+for+c+students

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  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    13y

    Raden Mantuano,
    A 30 Day Spending Diary:
    Take a piece of paper, and start writing down what you spend each day, and how you spend it.
    Example: You went to the Gas Station, bought gas, and a Drink, etc.
    Write down how much you spent on gas, and how much you spent on every other item at that store.
    At the end of the 30 days, examine how much you spent on things that you could do without.
    You could be surprised how much you spend on some things that you can do without.
    An example:
    I had a friend in work do this, and after one week, he decided that he was going to bring a lunch to work, 4 of the 5 days. The savings was $20+ each week, or $1000+ per year.
    After two weeks, he decided that he was going to bring in his morning coffee from home, instead of stopping at Dunkin Donuts every morning. (We have a Microwave in work.)
    Saving $10+ each week, or another $500 per year.
    This takes self discipline, and every one is different.

    Here is a few of mine:
    About 20 years ago, I went to a Bank, to see how much of a Mortgage I could afford. They told me, $150K.
    I purchased a house for $105K., put down 10%, and paid off the 30 year Mortgage in less than 10 years.
    In 1992 I purchased a New Automobile.
    I kept it until 2010. (18 years)
    Then I bought a 9 year old vehicle.
    Do you know how nice it is, to NOT have a car payment?

    Raymond

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    OP
    Wholesaler · Southern, CA · Member since 2013 · 139 posts · 10 votes
    13y

    Raymond B. thanks man that really helps I do have my liabilities written down.. but I never thought of writing all my daily expenses.

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    OP
    Wholesaler · Southern, CA · Member since 2013 · 139 posts · 10 votes
    13y

    Annette Hibbler Thanks I really have that mindset since I've been in business for about 2 1/2 years now, but still looking for a successful place to land. I believe in Business owning, and investing. One of my Goals in life is that very fact, but I will look into that book looks interesting.

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  • Mike LaCava
    Real Estate Investor · Buzzards Bay (Bourne), MA · Member since 2012 · 208 posts · 28 votes
    13y

    Welcome Raden Mantuano. Keep learning here on BP and go check out your local REIA meetings to meet other investors new and experienced and ask one of the experienced ones if you can look at one of his projects and take him or her out to lunch. Take action.
    Break through the fears with education and caution.

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