Feeling Discouraged - Posted by Rolfe Mpls/St. Paul

Posted by Rolfe St Paul on February 15, 2000 at 20:00:38:

Jim;

Thanks for the reponse. We just had a baby (#1) so I will not be able to attend the Atlanta Conference. (I can only imagine…"Honey, I’m going out of town for a few days…ok?)

I’ll keep an eye out for the program.

Good Luck! Rolfe

Feeling Discouraged - Posted by Rolfe Mpls/St. Paul

Posted by Rolfe Mpls/St. Paul on February 14, 2000 at 23:48:54:

How do I turn this around?

The success stories posted on the site usually inspire, but today those same stories bring that dogging question I ask whenever I allow myself to compare my business to other’s. "What in the heck is stopping me from achieving my desired results?

About 24 months ago I started in REI, purchasing run down inner-city 1’s and 2’s for renovation. I’ve sold 5 and kept 5. By completing renovations, I replace a boarded up or run down property with a property to be proud of, while making a fair profit. I started with about $20k, and today own 5 properties worth a total of $590,000, with $142,600 in equity, and an annual cash flow b4 tax of $21,900.

I was certain that if I could prove I could do this profitably, banks and lenders would believe in my business enough to make loans. Yet every “B” mortgage seems to be a struggle. Apparently, income has been too low, and I went over on two renovations, leaving me $60k in debt. Still, I’m in the positive $142k.

I’m tired of hearing “no”. How do I get to “yes” with lenders? How would I find private investors? Is 10% a fair rate to offer?

Sorry for the venting;

Rolfe

Re: Feeling Discouraged…Don’t - Posted by Jim Rayner

Posted by Jim Rayner on February 15, 2000 at 15:25:33:

Rolfe,

In the summer of 1998 I found myself in a similar situation and then in August of 1998 I attended the "how to get lenders fighting to give you money workshop put on by Ed Garcia and Terry Vaughn. Those three days changed my life forever. I needed to get my eyes and mind openned up to different methods of investing, different types of deals and an excellent education into the world of financng. While I continue to work a JOB I also put in just as many hours with my investments. I am continually hunting for the right deals carefully researching each one both on its individual merits and for its impact on our overall investment goals.
My understanding is that this workshop is soon to be offered again and I urge you and anyone else who reads this post that if one of your obstacles is getting lenders to say YES, then you need to go to this workshop. You can get a preview of this workshop at the Atlanta convention. I will be there to share again my success from attending this powerful workshop.

As my good friend Ed Garcia would say you are limited only by those limitations that you impose upon yourself and with the right knowledge regarding financing the sky’s the limit. If you don’t believe me call him he’s always there to help anyone in this community we call Creonline.

What part of the country will the workshop be held? (nt) - Posted by SusanL.–FL

Posted by SusanL.–FL on February 17, 2000 at 10:41:52:

nt.