Experence Investors I want advice - Posted by ConnieA7

Posted by SusanL.–FL on November 22, 2000 at 10:23:13:


He’s ANOTHER one worth ‘tuning’ into – both in the seminars and on the air.

He had a GREAT radio program years ago (biblically-based). Don’t know if still around.

Have a great Thanksgiving, Rob!


Experence Investors I want advice - Posted by ConnieA7

Posted by ConnieA7 on November 20, 2000 at 18:27:12:

I have just purchchased Carlton Sheets course.I need more income.I have a property I own that all is owed is 47,000 it would apraise for 110,OOO.I am deep in credit card debt! I have fair credit. With more debt than income what would you recomend me to do to get income out without selling. My debt is high so any advice is welcome. I intend next year to make changes in my life in investing.Anyone with investing success can give me any advice.Please give me some ideas. I’ve just started reading the course.I believe these people aquired the success by investing. But I need cash now.

Don’t pay off the credit cards… - Posted by David Alexander

Posted by David Alexander on November 22, 2000 at 11:25:23:

at least that’s what Kiyosaki would say.

And if you pay them off you’ll be in the same place you started. Use the equity to finance the buying of more equity to pay itself off as well as pay off your credit cards.

In other words:

You take out the cash and then pay off the credit cards temporarily, take the remaining cash invest it pay off the loans and if you have to dont hesitate to
pull the cash off to do deals, use them to finance the purchase of good debt.

David Alexander

Re: Experence Investors I want advice - Posted by Rob FL

Posted by Rob FL on November 21, 2000 at 15:28:19:

Something my wife and I did last year was take a 12-week or so class called Crown Ministries. It has a religious slant to it. It basically goes over Biblical principles on money. It is a very awesome and powerful class. Here is the website:


Cut up the credit cards! - Posted by SusanL.–FL

Posted by SusanL.–FL on November 21, 2000 at 15:12:15:

I’m serious. Especially if they have gotten so out of hand.

Second order of business. Tune into Dave Ramsey’s financial radio show on ‘financial peace’. He’s bin there/dun that.

Good luck.


Posted by Tobeykins on November 21, 2000 at 01:07:09:

WORTH ITS WEIGHT IN GOLD! And Jim is right-until you get control of your spending, you will repeat this. If you read Sheets closely, he implies that lots of the bargains available are form people who buy more than they can afford. So learn to budget. Subscribe to the Tightwads Reort (I think that’s the name).
Get free credit conseling from the consumer credit help people in your area. Get your situation analyzed. Until you know how you got there-you can’t avoid a return trip.

A few ideas - Posted by AnnNC

Posted by AnnNC on November 20, 2000 at 20:32:32:

As far as CC debt: watch every statement. Often, the
minimum payment amount required on the statement is not enough to avoid an over-limit charge or to reduce the principle. If you pay the bill on time, but past the closing date, you pay interest, I think, on more than what is covered by the “minimum payment required” on the statement, so you can never catch up. Compare the interest rates on CC debt vs home equity loan interest rate, and try to get the CC debt down.A credit card balance transfer from a higher interest rate card to a special offer on a lower interest rate card that you already have an account with may work to get a lower CC interest rate for 6 months or so.
It sounds like you have a lot of equity in that property that you might want to pull (some of it) out and get rid ofthe high interest CC debt. Try to see exactly what the CC debt is costing. You need to look at your closing dates, and talk to the CC companies.
Their policies vary, and often, if you call them, they
will work with you. But if you want a reduced interest rate, it’s like a refinance of your credit card account, so best to let sleeping
dogs lie. “Don’t go there” I would not give any updated information, but just let it ride, and get the reduced interest rate by doing a balance transfer–they don’t ask any questions. This is my personal experience from questions I asked this week of one CC
company re reducing the interest rate, vs balance transfers to others.
Oddly enough, the balance transfer offers were reasonble, and then , in 6 months or so, the "regular rate’ was a lot lower than what I’m paying now. I’d check the fine print very closely though, as the lower interest rate
only applies to the transfer. Just don’t use the card
again for any regular purchases, as they may have a much higher interest rate. Some cards do , some don’t.
So, as I said, you need to look at exactly the interest rate on the statement, and exactly what
transactions get what interest rate.
There is a lot of variation. Feel free to email me.
Best wishes.Ann

Re: Experence Investors I want advice - Posted by Jim IL

Posted by Jim IL on November 20, 2000 at 19:00:07:

Okay, you said that your credit card debt is large, and you have fair credit, with plenty of equity in your home.
Why no refi the home, pull the cash out to pay off the credit card debt.
This way you can make a smaller payment monthly, and also get the tax advantages from the new home loan.
Maybe get some extra cash to buy some more courses/books and market your REI business.

But, before you do that, you need to look at the behavior that got you in debt to begin with.
Figure out what you were doing and quit doing it.
Once you get out of that frame of mind, you can then begin to make money rather than spend it.

Jim IL