New to BP..Spent over 60K on "Guru" programs...Now What???

Question

Hi guys!  Just a little background...I seriously want to get into real estate investing to create a legacy for my family and long term wealth.   That being said...in my past I have had some challenges.  I spent thousands on bull ish courses that promise you the world and come up empty. I also was so motivated and dumb at one time that I used my stellar credit in the past to fund a brokerage account for "binary options"... upwards of 250k. This turned out to be a total scam and they took every penny. I wind up not being able to pay the minimums on the credit cards and I am currently in year two of a chapter 13 bankruptcy.  That being said, I royally torched my credit and my savings over the past few years.

Fast forward to today.  I am back on track with a good job. But I have two kids and a horrible commute living in NY so I don't have a lot of time for outside real estate investing.  As you already know I have horrible credit for the next 2-5 years and money is tight.  So is all hope at this time for real estate investing out the window? Since I don't have much time, money, or good credit?

I know people say look on BP, do your reaearch, read blogs,etc... but at this point there is info overload out there and I don't know where to start.  Plus the fact that I can't see with out time or credit I can make anything happen since I have no money neither.

Where does one go from here?  How do I get direction?  I don't want to give up on my dream!  Living in NY as well, everything is so damn expensive here and I am so weary of out of state because of being scammed in the past.  I was even thinking the turn-key route but I need at least credit for that plus what I been reading, I don't see a lot of positive reviews about them. I been following cash flow savvy (Matt Theriault) for a while and he appears legit.  But do you really know?

Sorry for the vent...just need some guidance.

Brian Pulaski · Answer

Why not spend some time me working your new job and rebuilding your credit/life? I would focus on that instead of trying to jump right into real estate Investing which can hurt you worse than $250k if your not careful.

Account Closed · Answer

there must be something of value from the money you spent Sit down go over your notes and just apply 1 part of your education to focus on making just 1 deal That all it takes one small step Good luck

Gail Greenberg · Answer

Hi @David Houghtaling! I'm happy you didn't spend the whole thread beating yourself up for past mistakes. Pretty much everyone I know in real estate regrets training packages they bought far more than any other indiscretion in their life. Just goes with the territory when you have a dream and there are master marketers pitching to you. That said, perhaps the best thing that's come from the experience is a realization that you've maybe had "rescue fantasies" in the past where you could buy something and the life you dream of would quickly follow.  Now you're awake,  clear and ready to begin again.

There may be something of value in what you've purchased. I'd be happy to talk to you about where you're starting and what you're good at/what you like to do to see if a path suggests itself. If I can be helpful to you, please let me know!

Bill Hampton · Answer

@David Houghtaling,

Welcome to the BP family! Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Check out the BP Podcasts: http://www.biggerpockets.com/renewsblog/category/p...

Good luck.

Michael Plante · Answer

Be honest with yourself.

Do you deep down trust yourself to make the correct decisions with your money besides working and saving?

What does your wife say?

Does she trust you to take on yet another business venture with the precious money you have left/are making?

David Houghtaling · Answer

Thanks Gail. I am interested in notes and also long term rentals.  Unfortunately whatever savings I have now I have to keep liquid because I am the sole breadwinner. I used to have over 100k in retirement but after some bad decisions on that as well I am basically starting over there.

I am also thinking toward the lines of self directed IRA's where maybe I can contribute periodically?  Not sure really

Jay Hinrichs · Answer

I think what U learned is there is no get quick rich schemes out there and real estate unless your going to work it full time as a broker is a looooong game..

now some do ok pimping it.. IE wholesaling but that takes money and major sales skills.. and a market that has a lot of excess inventory and rental inventory.. it really depends on where your living and working..

all the guru training materials say just about the same thing there is nothing brand new .. just the same methods or schemes repackaged and regurgitated to enduce those who want it all now and are willing to pay for fast track.

think MLM..

New to BP..Spent over 60K on "Guru" programs...Now What???

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