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BlogsThe Broke Millionaire The Broke Millionaire Intro

Posted over 13 years ago

The Broke Millionaire Intro

 If I hear one more person tell me that they know I'm gonna be a Millionaire, I'm gonna SCREAM! See, becoming a Real Estate Investor is a personal goal of mine. You know, financial freedom and all of that. But seriously, from a beginning Investor, what the heck is going on?!


We have a triplex and live mortgage free. Awesome, we thought! So we read and study some more.


Joined a Real Estate Investor Club. Great! We are on our way now!


Read as many books as I could about lease options, subject to, Master leases, and Assignment of contracts. I feel like a genius!


Formed an LLC. Still not sute why. Can't move title, can't assume a mortgage, can't get a mortgage, can't even get a business loan. Yes, we have a business plan.


So, using all of my knowledge, we find a hungry agent. Who honestly, finds great deals. Put up ads for sellers and buyers. Heck, even found a 103 unit mobile home park, that's willing to do a Master Lease....with $100,000 fee!


Attended our Investment Club meeting last night. More confused as ever. They told us to find private money. Ok. Well what happens when everyone I know is broke. There is hard money! Ok. Called two hard money lenders and presented one of my deals. They both said that it sounds like a great deal, just put in $20,000, get the contract, and we'll fund. Wait, what?


Sorry about the rant and long post. But if I don't write this down and get it off my chest I'm gonna go crqzy. One good thing though, optimism and enthusiasm run through my veins. I will succeed! Even though I have no money and no other options. Real Estate Investing seems like it is gonna be such a great move for me and my family, that I refuse to lose!!!!


Anyway, happy hunting all and cheers from California!


S

Comments (3)

  1. Gulfield Jones Mr. Joshua Dorkin gave you some great advice. Prune the rose bush and grow the winning rose.

    Al Williamson, over 13 years ago


    1. Thanks Al.

      Joshua Dorkin, over 13 years ago


  2. Gulfield - It sounds like you're jumping around a little much here. I really think you need to choose one strategy and focus on that. The gurus like to make it sound easy, but nothing you're unfamiliar with is easy at first for most people. Figure out where you want to start, and if you need help with that, jump in and ask any questions you've got on our forums. There are plenty of folks who are happy to assist. Don't let everything you wrote about get you frustrated . . . use it to motivate you to become skilled in ONE facet of real estate investing and then get out and put your plan to action. Good luck.

    Joshua Dorkin, over 13 years ago