All Forum Posts by: Todd Brittingham

It seems like alot of people are saying money is their biggest issue, and I would ask what is your strategy? If you do not have the capital to invest shouldn't you immediatly be doing things to try and increase your capital.

Additionally, many people have money they didn't think to tap into. For example:

1. Credit cards...how much do you have available in credit card funds that you could tap into. If you have credit cards that charge 3% for a cash advance, and are a 15% APR, does it make sense to use this funding for a wholesale deal? How many credit cards do you have... and have you tried to call and get your limits increased? This is a very easy way to raise capital and become your own hard money lender.

2. 401k's - We have all seen what has happened with the stock market and many 401k's allow you to borrow up to 50% of your money with very low interest rates.

3. IRA's - consider rolling your roth IRA into a self directed roth. This will allow you to grow your nest egg essentailly tax free...

4. Equity Loan / LOC - do you have equity in a property that you can borrow against?

5. Auto loan - do you have a car, boat, or anything else with equity that you could get a loan for?

6. Online lending sites - There are a number of people to people lending sites out there that you can try to get funding from. Put a good plan together, and ask for funding from one of these websites. You will get many people to give you $50 to $500 at a time, but if you get a few hundred to do this, you can generate a considerable amount of money.

Anyone with other ideas...these are the ones I have used, and I am perfectly comfortable starting out. We plan to do wholesale deals to build capital and then move on to income producing properties.

Right now our biggest concern is our buyer list.

Rather than stereotype people in different parts of the country isn't it a better tactic to get a feeling of who they are in. You need to have a conversation and truly listen to what they have to say. If you go in with a script you're going to sound like a salesman and nobody is going to listen to you...Just go in and have a conversation, build a little trust, and just keep in mind the key questions you need answered and work them into the conversation. You will stand a much better chance of getting the information from them, and many times you will not even have to ask the direct question...they will just tell you...

Hello BP. Over the past few years my wife and I have slowly watched as our level of income has been slipping. I'm sure many of you can relate to this, and we have officially decided to get fully into the game of real estate. We have dabbled a little bit over the past year and a half, but we can now see that relying on income from a JOB is not going to cut it for the long term.

We have our plan to exit the rat race...now we just have to execute it. We are currently going to focus on wholesale deals in the near term to build up capital and in the long term we look to be generating passive income through rental properties. Our goal is $10,000 per month in passive income in 5 years. We will do it. We are learning as much as we can at this point through books, seminars coaching, etc., and I think BP will fit nicely in with our education. We are excited to be joining this community and hope to learn a great deal from everyone on here. We also look forward to giving back, and we will try to help everyone that asks us questions.

Thanks in advance to all! :wink: