Still a newbie and making a lot of mistakes

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Still a newbie and making a lot of mistakes

Gernot Bucheli
Juneau, AK · Member since 2016 · 32 posts · 4 votes

Hi everyone. I'm going to need some advice. Some months ago I signed up with a program that uses Facebook to attract motivated sellers. My wife did not want me to sign up for it, since it cost me $9,000. I tried to work with it, but had no luck so far. About a couple months later I signed up for another REI program. This time it cost me $18,000, and this time without my wife knowing about it. And like the first program I'm having no luck with that one either. Here's the problem, those personal loans are catching up faster than I can pay off the monthly payments. Next month I'm going to be in the red. And if my wife ever finds out, then I'm dead.

My personality is not like Brandon, who bounces off walls with enthusiasm. It is rather like Dion McNeeley, who is "lazy" in that I don't have time to devote to real estate investment. A quick fix is to rob a bank. But that's not going to work. Has anyone dealt with this kind of problem before? If so, what did you do about it? Your reply will be so greatly appreciated. 

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Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
5y

First, stop paying for programs that are going to make you money.  That $27K could have been used for a down payment on a house.  Learn from that and don't sign up for any more programs.  

Is there a line of credit you can borrow from?  Can you put in extra hours at work?  I'm guessing you've already cut your spending.  

You also need to talk to your wife and own up.  Yes she will be mad, but not as mad as she will when she finds out later and you know she will find out.

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  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    5y

    Welcome aboard Gernot and best of luck investing!

    Podcast Guest on Show #121
    0Reply
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    5y

    First, stop paying for programs that are going to make you money.  That $27K could have been used for a down payment on a house.  Learn from that and don't sign up for any more programs.  

    Is there a line of credit you can borrow from?  Can you put in extra hours at work?  I'm guessing you've already cut your spending.  

    You also need to talk to your wife and own up.  Yes she will be mad, but not as mad as she will when she finds out later and you know she will find out.

    3Reply
  • Scott Bottomley
    Investor · Bethel, ME · Member since 2013 · 126 posts · 52 votes
    5y

    @Andrew Syrios

    Better tell your wife before she finds out another way.

    STOP buying courses. Use the info you have and hustle. Lazy is fine if you haven’t invested anything but you’re in the hole $27k!!! Sell some toys (liabilities you don’t need) and pay off that debt.

    Sounds like you didn’t have the money in the first place so that makes it a double bad decision.

    Put in the work. Oh, and tell your wife

    1Reply
  • Damaso Bautista
    Rental Property Investor · Hawthorne, CA · Member since 2018 · 655 posts · 900 votes
    5y

    @Gernot Bucheli

    I don't care what you do in life:

    Lazy = Failure

    I am surprised you are still married.  Laziness is one of the only things in life that you actually have control over.

    What has always worked for me is hard work dedication to completion of a plan.  I work as hard as I can for as long as I can to achieve the results that I want to achieve.

    I know this is now what you want to hear but you should choose something else to do because real estate is not a lazy man's game.  

    Good luck!

    0Reply
  • Samuel Whelan
    Lender · Cheshire, CT · Member since 2019 · 19 posts · 25 votes
    5y

    @Gernot Bucheli as for the help with the personal loans catching up, might be a good idea to check on your home's equity and refi out of the personal loans. I doubt the rate you have on those loans would be less than a mortgage rate. At least that would keep you out of the dog house if you have a solution when you tell your wife. 

    Also if you have a specific type of property in mind, you could ask a realtor for assistance finding a property instead of paying the equivalent of a small down payment for air and dust.

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  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    5y
    Originally posted by @Gernot Bucheli:

    Hi everyone. I'm going to need some advice. Some months ago I signed up with a program that uses Facebook to attract motivated sellers. My wife did not want me to sign up for it, since it cost me $9,000. I tried to work with it, but had no luck so far. About a couple months later I signed up for another REI program. This time it cost me $18,000, and this time without my wife knowing about it. And like the first program I'm having no luck with that one either. Here's the problem, those personal loans are catching up faster than I can pay off the monthly payments. Next month I'm going to be in the red. And if my wife ever finds out, then I'm dead.

    My personality is not like Brandon, who bounces off walls with enthusiasm. It is rather like Dion McNeeley, who is "lazy" in that I don't have time to devote to real estate investment. A quick fix is to rob a bank. But that's not going to work. Has anyone dealt with this kind of problem before? If so, what did you do about it? Your reply will be so greatly appreciated. 

    You are in the right place Gernot!

      0Reply
    • Gernot Bucheli
      OP
      Juneau, AK · Member since 2016 · 32 posts · 4 votes
      5y

      Thank you for all your responses. It's been over a week to digest all of what was mentioned. I just want to thank everyone of you for your thoughts. And I want to ask you if it possible to be accountable to each of you. If it is possible let me know. Thank you.

      0Reply
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